E-Commerce – COSO and COBIT Are Comparable Frameworks
This text will assist you to grasp some similarities and variations between two frameworks: COSO and COBIT. Some fundamental data about these two networks is required particularly for E-Commerce. COSO and COBIT are comparable frameworks, COSO’s strategy is extra broad-based, fewer complexes, with out a lot technical points and COBIT is extra complete, process-orientated, threat, management wants, and it relates extra to technical points. COBIT covers high quality and safety necessities reminiscent of effectiveness, effectivity, integrity, availability, compliance, confidentiality and reliability of data. These are the foundations for the management targets of COBIT.
As acknowledged by the COSO agenda, the method of inside management includes of 5 elements. These make up for a extremely competent framework for investigating and evaluating the system of inside management that’s put to make use of in a enterprise. These elements are said beneath:
– “Management Atmosphere, this offers with setting the character of a enterprise and influencing the management consciousness of its workers and it consists of the consideration, ethical values, working strategies of the administration, system for assigning authority and the mandatory procedures for organizing and creating the workers in a enterprise affiliation.
– Danger evaluation, which incorporates the detection and examination of the dangers which can be most certainly to pose a menace to attaining desired targets.
– Management Actions, these are the principles and rules which help in guaranteeing that the orders of the administration are satisfactorily carried out.
– Data and communication that are chargeable for all information associated to the operation and funds and so on of a enterprise that helps in its easy operating
– Monitoring of inside controls which factors out any scarcity in its high quality ensuring it’s remedied so the system will be improved “(Bushman, 2007).
The domains of COBIT are:
– Planning and organizing
– Acquisition and implementation
– Mange IT funding
– Supply and help
– Monitoring and analysis.
COBIT focuses on IT elements, that are course of oriented. Furthermore, the COBIT incorporates the system of improvement, operation, supply, and implementation. COBIT helps strengthens evaluation, understanding and train of applicable inside controls. COBIT additionally, supplies a very good framework for threat administration and improves communication amongst administration, customers and auditors concerning IT governance. Accordingly, COSO focuses on monitoring and analysis, which can also be one of many COBIT’s domains. Subsequently, COSO and COBIT construct collectively a robust evaluation of IT primarily based programs and processes.
For instance, the corporate is implementing a brand new system. Subsequently, the enterprise can take a bonus of COBIT and COSO. On this case, COBIT will likely be very useful to span the system on expertise primarily based processes. CABIT would additionally assist in configuration of two completely different programs (new with an present accounting system). COSO would assist to judge the monetary half and threat. Furthermore, the COSO additionally will evaluate all accounting associated elements and the COBIT will assist in technological integration and it additionally will assist with supply and help of the implementation.
The mixture of COSO and COBIT will likely be very useful for AFM Company. All evaluation and documentation of processes may very well be scoped by the COSO framework and all technological points may very well be reviewed in particulars by the COBIT framework. COBIT would additionally assist with the complexity of software program system. Alternatively, the COSO will help management actions and the COBIT will assist in detailed monitoring and evaluating.