This article will present you find out how to to know some similarities and variations between two frameworks: COSO and COBIT. Some major details about these two networks is required notably for E-Commerce. COSO and COBIT are comparable frameworks, COSO’s technique is further broad-based, fewer complexes, with out lots technical factors and COBIT is further full, process-orientated, hazard, administration desires, and it relates further to technical factors. COBIT covers top quality and security requirements just like effectiveness, effectivity, integrity, availability, compliance, confidentiality and reliability of data. These are the foundations for the administration targets of COBIT.
As acknowledged by the COSO agenda, the tactic of inside administration consists of of 5 parts. These make up for a extraordinarily competent framework for investigating and evaluating the system of inside administration that is put to utilize in a enterprise. These parts are acknowledged beneath:
– “Administration Ambiance, this provides with setting the character of a enterprise and influencing the administration consciousness of its staff and it consists of the dignity, moral values, working methods of the administration, system for assigning authority and the required procedures for organizing and creating the staff in a enterprise affiliation.
– Hazard analysis, which contains the detection and examination of the risks that are most definitely to pose a menace to attaining desired targets.
– Administration Actions, these are the foundations and legal guidelines which assist in guaranteeing that the orders of the administration are satisfactorily carried out.
– Knowledge and communication which are answerable for all info related to the operation and funds and so forth of a enterprise that helps in its simple working
– Monitoring of inside controls which components out any shortage in its top quality guaranteeing it is remedied so the system could possibly be improved “(Bushman, 2007).
The domains of COBIT are:
– Planning and organizing
– Acquisition and implementation
– Mange IT funding
– Provide and assist
– Monitoring and evaluation.
COBIT focuses on IT parts, which are course of oriented. Moreover, the COBIT incorporates the system of enchancment, operation, provide, and implementation. COBIT helps strengthens analysis, understanding and practice of acceptable inside controls. COBIT moreover, provides an ideal framework for hazard administration and improves communication amongst administration, prospects and auditors regarding IT governance. Accordingly, COSO focuses on monitoring and evaluation, which will be one in all many COBIT’s domains. As a consequence of this truth, COSO and COBIT assemble collectively a strong analysis of IT based totally applications and processes.
As an example, the company is implementing a model new system. As a consequence of this truth, the enterprise can take a bonus of COBIT and COSO. On this case, COBIT could be very helpful to span the system on know-how based totally processes. CABIT would moreover help in configuration of two completely completely different applications (new with an current accounting system). COSO would help to evaluate the financial half and hazard. Moreover, the COSO moreover will analysis all accounting related factors and the COBIT will help in technological integration and it moreover will help with provide and assist of the implementation.
The combination of COSO and COBIT could be very useful for AFM Firm. All analysis and documentation of processes could be scoped by the COSO framework and all technological factors could be reviewed in particulars by the COBIT framework. COBIT would moreover help with the complexity of software program program system. Then once more, the COSO will assist administration actions and the COBIT will help in detailed monitoring and evaluating.