IMPROVEMENTS IN THE CONTROL FRAMEWORKS: COSO AND COBIT

After the corporate scandals from the beginning of the 21st century, there was a general lack of confidence in the quality of the financial reporting. The Sarbanes-Oxley Act came to address this issue, by imposing rules that would prevent such scandals in the future. In order to help companies with the compliance, control frameworks have been issued. The framework of the Committee of Sponsoring Organisations of the Treadway Commission offers guidance in matters of internal controls, whereas the Control Objectives for Information and related Technology focus on IT controls. The present paper intends to critically address the changes in the COSO and COBIT framework, that took place during 2012 and 2013.