INTERNAL CONTROL FRAMEWORKS - COBIT and COSO

Control Objective for Information Technology (COBIT)

COBIT is a widely-utilised framework containing best practices for both ITGC
and application controls. It consists of domains and processes. The basic
structure indicates that IT processes satisfy business requirements which is
enabled by specific IT control activities. It also recommends best practices and
methods of evaluation of an enterprise’s IT controls.

Committee of Sponsoring Organisations (COSO)

COSO identifies five components of internal control: control environment,
risk assessment, control activities, information and communication
and monitoring. The components should be in place to achieve financial
reporting and disclosure objectives. COBIT provides a similar and detailed
guidance for IT, while the interrelated Val IT concentrates on higher-level IT
governance and value-for-money issues. The five components of COSO can be
visualised as the horizontal layers of a three-dimensional cube, with the COBIT
objective domains-applying to each individually and in aggregate. The four
COBIT major domains are: plan and organise, acquire and implement, deliver
and support, and monitor and evaluate.

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