Describe Cobit and COSO and explain their importance for internal controls.
Cobit is framework for developing, implementing, monitoring and improving information technology (IT) governance and management best practices. The cobit framework is published by the IT governance and management best practices. The cobit framework is published by the IT Governance intitiute (ITGI) and ISACA.
Cobit stands for Control Objectives for information and Related Technology. It is a framework created by the ISACA (Information System Audit and Control Association).
The COSO framework defines internal control as a process carried out by the board of directors, the administration and other personnel of an entity, designed to provide reasonable security with respect to the acheivement of objectives in the following categories. Efectiveness and efficiency of the operations
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