COBIT stands for Control Objectives for Information and Related Technologies. It is a framework formed by international professional association ISACS, for IT governance and IT management. COBIT provides well defined controls over Information Technology and logically handles IT related processes. This framework helps in defining process input, output, key activities, process objective, performance and elementary maturity model.
COBIT is a well-known business framework and has been successfully implemented by several businesses. The latest COBIT version is COBIT 5. This framework encourages business to manage and govern information in a more simplified and holistic approach. Organizations with existing or newly built IT management, can undergo COBIT compliance. COBIT 5.0 is designed specifically to deal with governance handling, risk management, security, audits to manage vulnerabilities across Information Technology. COBIT can be used by professionals in the areas of Audit, Compliance, IT operations, Governance, Security and Risk management.
COBIT has made several amendments in the different versions which have been made available for compliance.
- COBIT allows organizations to bridge the gap between business risks, technical issues and control requirements
- Enables smooth functioning of business and maximizes benefits through its comprehensive guidelines
- Helps in ensuring IT resources are used effectively and responsibly to yield maximum business throughput
- Monitor and maintain IT risks within acceptable levels
- Optimize and effectively use IT technology and services
- Support compliance with well-defined regulations, policies, contractual agreement and relevant laws
- Achieve strategic goals through innovative use of Information Technology
COBIT 5 is a business framework which incorporates latest technology trends and caters to usage of innovative marketing and governance techniques. COBIT 5 is built over COBIT 4.1 along with other major standards such as Information Technology Infrastructure Library – ITIL, ISACA’s Val IT and Risk IT and standards from International Organization for Standardization – ISO.
We follow a systematic approach to help you successfully become COBIT compliant. Our approach is as mentioned below:
- Consult and Evaluate – As a first step to manage COBIT audit we provide required guidance and consultation explaining the various constructs in COBIT framework to the organization’s concerned stakeholders. We evaluate your business scenarios along with architecture to understand the process and evaluate changes required.
- Develop audit plan – Based on COBIT 5 controls define audit plan on the required points of action mentioning audit controls to be incorporated. The audit plan has to cover the important security and governance controls thereby ensuring maximum advantage of incorporating COBIT audit. We help you define an audit plan from our COBIT compliance experts.
- Define audit objective – Audit objective should be defined based on business changes needed, business objective, benefits, investment needed, roles, responsibilities, constraints and dependencies. Audit objective must be concise and should possess well defined COBIT framework control based. We evaluate and help you structure the COBIT audit objective.
- Define Audit Scope – Once audit plan and objective is determined, it is essential to scope the audit. This will include the scope and plan of action for every incorporated control. Including documentation and support guides to ensure audit scope is well defined. This helps in structuring a detailed plan of the audit scope along with the constructs involved with respect to IT services and governance. Our experts guide you to scope the audit plan as per COBIT guidelines.
- Documentation – Documentation is essential part to COBIT and specific formats of guides are required to be presented during audit. We help you define these formats as per COBIT requirement in relevance to the organization’s IT structuring. Our key focus is on helping you provide required mechanisms to gather data.
- Remediation – Based on open points as per COBIT audit controls, we provide required remediation to make you COBIT compliant.
- Internal Audit and Training – As part of a preparation for COBIT audit, we plan internal audit and provide required training to COBIT audit stakeholders.
COBIT effectively allows to maximize the value of intellectual property, manage risks and assure security compliance. We offer optimal cost solutions to manage your complete COBIT audit. We follow a standardized approach. Below are the rough cost estimates and vary from small to large organizations.
- Understanding and System Evaluation – $200 – $12000
- Audit Scope and Objective setting – $600 – $34000
- Audit Planning – $300 – $30000
- Remediation – $500 – $40000
- Training – $300 – $15000
- Internal Audit setup and planning – $500 – $20000
- Documentation and data gathering support – $300 – $23000
- Onsite Visit – $500 – $40000
Above costs are rough estimates and a client can choose to add or remove certain steps based on their business requirement.
COBIT is a flexible framework which allows enterprises to evaluate and manage the complexities of managing information along with IT infrastructure. It helps in understanding important information related activities and evaluate risks and security. It is managed by ISACA. COBIT provides insights into IT management and customize company specific practises to follow best industry standards to govern IT services and resources.
TechForing has experts handling COBIT audits and understand the complete significance of the audit path. We help you to evaluate and successfully acquire COBIT compliance. We have a team of dedicated professionals who constantly work towards encompassing COBIT guidelines.
We take your audit journey on priority and follow to successful closure. Our support extends to training and defining required documents along with necessary remediation. We follow a step by step approach and define a well-planned road map for your complete COBIT audits as per COBIT guidelines.
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