E-Commerce – COSO and COBIT Are Equivalent Frameworks

This report will assist you to recognize some similarities and discrepancies in between two frameworks: COSO and COBIT. Some standard know-how about these two networks is essential particularly for E-Commerce. COSO and COBIT are similar frameworks, COSO’s approach is additional broad-based, less complexes, without so considerably technical problems and COBIT is more comprehensive, procedure-orientated, chance, command needs, and it relates far more to complex troubles. COBIT handles quality and protection needs these as effectiveness, performance, integrity, availability, compliance, confidentiality and reliability of info. These are the foundations for the command aims of COBIT.

As regarded by the COSO agenda, the course of action of inside manage contains of five components. These make up for a highly proficient framework for investigating and assessing the system of inside handle that is set to use in a company. These elements are mentioned below:

– “Control Natural environment, this bargains with placing the character of a business enterprise and influencing the command recognition of its personnel and it consists of the honor, ethical values, functioning strategies of the management, procedure for assigning authority and the needed treatments for arranging and building the employees in a business enterprise affiliation.
– Hazard evaluation, which consists of the detection and assessment of the dangers that are most likely to pose a menace to attaining wished-for goals.
– Command Functions, these are the principles and restrictions which help in guaranteeing that the orders of the administration are satisfactorily carried out.
– Data and conversation which are liable for all information linked to the operation and funds etc of a company that will help in its clean functioning
– Checking of interior controls which factors out any lack in its quality creating sure it is remedied so the procedure can be improved “(Bushman, 2007).

The domains of COBIT are:

– Arranging and organizing
– Acquisition and implementation
– Mange IT financial commitment
– Shipping and delivery and aid
– Checking and evaluation.

COBIT focuses on IT parts, which are course of action orientated. In addition, the COBIT is made up of the technique of advancement, procedure, shipping, and implementation. COBIT allows strengthens evaluation, comprehending and physical exercise of suitable inside controls. COBIT also, supplies a superior framework for hazard management and increases conversation amid management, customers and auditors pertaining to IT governance. Accordingly, COSO focuses on checking and analysis, which is also one of the COBIT’s domains. As a result, COSO and COBIT develop collectively a robust evaluation of IT based mostly methods and processes.

For instance, the organization is applying a new procedure. Hence, the business can get an edge of COBIT and COSO. In this situation, COBIT will be incredibly beneficial to span the procedure on technological know-how dependent processes. CABIT would also assist in configuration of two distinct units (new with an current accounting process). COSO would assist to assess the financial component and possibility. Furthermore, the COSO also will evaluation all accounting associated elements and the COBIT will help in technological integration and it also will assistance with delivery and assistance of the implementation.

The mix of COSO and COBIT will be really useful for AFM Company. All evaluation and documentation of procedures could be scoped by the COSO framework and all technological concerns could be reviewed in aspects by the COBIT framework. COBIT would also help with the complexity of software program system. On the other hand, the COSO will help control pursuits and the COBIT will help in detailed checking and assessing.