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What are COSO and COBIT? What role did COSO and COBIT play in the internal control area?© BrainMass Inc. brainmass.com March 4, 2021, 8:41 pm ad1c9bdddf
Problem: What are COSO and COBIT? What role did COSO and COBIT play in the internal control area?
Two control frameworks have been widely adopted by public companies subject to the requirements of the U.S. Sarbanes-Oxley Act of 2002, the COSO and COBIT control frameworks. While COSO focuses on controls for financial processes, COBIT focuses on IT.
The official name for COSO is the Committee of Sponsoring Organizations of the Treadway Commission. Its major objective is to identify the factors that cause fraudulent financial reporting and to make recommendations to reduce its incidence. COSO has established a common definition of internal controls, standards, and criteria against which ...
This posting differentiates between COSO and COBIT, the role they play in the internal control area and explains the need for two frameworks. The solution is 403 words.