This posting will aid you to understand some similarities and variances in between two frameworks: COSO and COBIT. Some primary expertise about these two networks is required specifically for E-Commerce. COSO and COBIT are similar frameworks, COSO’s strategy is additional wide-dependent, much less complexes, devoid of so a great deal complex difficulties and COBIT is additional thorough, course of action-orientated, risk, control demands, and it relates additional to technical issues. COBIT covers excellent and protection needs these types of as success, efficiency, integrity, availability, compliance, confidentiality and reliability of information and facts. These are the foundations for the control targets of COBIT.
As acknowledged by the COSO agenda, the system of inner regulate contains of five parts. These make up for a really qualified framework for investigating and evaluating the process of interior management that is set to use in a business. These factors are mentioned down below:
– “Command Natural environment, this deals with setting the character of a business and influencing the manage recognition of its personnel and it incorporates the honor, ethical values, functioning procedures of the administration, system for assigning authority and the necessary processes for organizing and developing the staff members in a company association.
– Threat evaluation, which contains the detection and examination of the hazards that are most most likely to pose a threat to attaining ideal objectives.
– Command Things to do, these are the regulations and polices which support in guaranteeing that the orders of the management are satisfactorily carried out.
– Information and interaction which are accountable for all information connected to the operation and finances etc of a small business that can help in its sleek jogging
– Checking of inner controls which details out any shortage in its top quality generating sure it is remedied so the technique can be improved “(Bushman, 2007).
The domains of COBIT are:
– Arranging and arranging
– Acquisition and implementation
– Mange IT expenditure
– Delivery and assist
– Monitoring and evaluation.
COBIT focuses on IT parts, which are system orientated. Moreover, the COBIT has the method of development, operation, shipping and delivery, and implementation. COBIT can help strengthens assessment, understanding and work out of acceptable internal controls. COBIT also, provides a superior framework for possibility administration and improves communication between administration, end users and auditors with regards to IT governance. Accordingly, COSO focuses on checking and evaluation, which is also just one of the COBIT’s domains. As a result, COSO and COBIT establish collectively a potent evaluation of IT based systems and processes.
For instance, the company is applying a new process. For that reason, the business can consider an edge of COBIT and COSO. In this circumstance, COBIT will be very valuable to span the process on technologies dependent procedures. CABIT would also assistance in configuration of two distinct programs (new with an current accounting program). COSO would aid to examine the financial part and risk. Moreover, the COSO also will overview all accounting related factors and the COBIT will support in technological integration and it also will enable with delivery and support of the implementation.
The combination of COSO and COBIT will be quite effective for AFM Corporation. All examination and documentation of processes could be scoped by the COSO framework and all technological difficulties could be reviewed in information by the COBIT framework. COBIT would also aid with the complexity of program procedure. On the other hand, the COSO will assistance handle actions and the COBIT will enable in in-depth checking and assessing.
