COBIT is known as The Control Objectives for Information and related Technology. It is an information management and control strategy framework. It consists of principles, practices, tools and models to help enterprises improve information and technology management processes. The COBIT framework is an open standard published by the IT Governance Institute and the Information Systems Audit and Control Association (ISACA). Its mission is “to research, develop, publicize and promote an authoritative, up-to-date, international set of generally accepted information technology control objectives for day-to-day use by business managers and auditors”. The original version and first edition of COBIT was published in 1996, focused largely on IT auditing. The second edition in 1998 with added Management Guidelines. The third edition was released in 2000 and the fourth edition was released in December 2005.It is being revised and receiving the 4.1 edition in May 2007. COBIT 5.0 will also draw significantly from the Business Model for Information Security (BMIS) and the IT Assurance Framework (ITAF).The latest version is COBIT 5.0 integrated with Val IT and Risk IT 5, which was released in April 2012 and emphasizes the value information governance can provide to a company's bottom line.
The COBIT framework weaves together models and approaches used by different IT specialties, such as standards from the Information Technology Infrastructure Library (ITIL) and the International Organization for Standardization (ISO). COBIT is also used globally by those who have the primary responsibilities for business processes and technology, those who depend on technology for relevant and reliable information, and those providing quality, reliability and control of information technology. The aim is to provide an overarching framework that incorporates different subsets of information management and control while promoting greater consistency among these areas.