Successful organizations understand the benefits of information technology (IT) and use this knowledge to drive their shareholders’ value. They recognize the critical dependence of many business processes on IT, the need to comply with increasing regulatory compliance demands and the benefits of managing risk effectively.
COBIT is the acronym for Control Objectives of Business and IT. It is a set of best practices for information technology (IT) management, created by ISACA, USA and the IT Governance Institute (ITGI) in 1996. COBIT provides managers, auditors, and IT users with a set of generally accepted measures, indicators, processes and best practices, to assist them in maximizing the benefits derived through the use of information technology, and developing appropriate IT governance and control in a company. COBIT enables clear policy development and good practice for IT control throughout organizations.
The purpose of COBIT is to provide management and business process owners with an information technology (IT) governance model that helps in delivering value from IT and understanding and managing the risks associated with IT. COBIT helps bridge the gaps amongst business requirements, control needs and technical issues. It is a control model to meet the needs of IT governance and ensure the integrity of information and information systems. COBIT's Control Objectives provides the critical insight needed to delineate a clear policy and good practice for IT controls. The latest version, COBIT 4.1 has 34 high-level processes, covering 318 control objectives, categorized in four domains.
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Regards,
CA Rahul Joglekar
Partner
Gokhale & Sathe
Chartered Accountants
