This report provides a detailed analysis of IT governance frameworks, focusing on COBIT and ITIL, and their significance in strategic information systems management. It begins with an introduction to IT governance, defining its role in managing, executing, and monitoring governance within an organization, emphasizing risk management and aligning IT with business objectives. The report then examines the Sarbanes Oxley Act (SOX) and its influence on governance frameworks. The core of the report delves into COBIT, explaining its components, assets (risk minimization, environment regulation, size independence, productivity and efficiency, and governance), and issues (implementation, need for experienced analysts, and lack of specifications). Subsequently, the report explores ITIL, detailing its five parts (service strategy, design, transition, operations, and continuous service improvement), assets (cost transparency, better risk management, aligning business and IT, improved service quality, and framework integration), and issues (extensive training, potential for disruption, and expense). The report concludes by highlighting the commonalities between COBIT and ITIL, emphasizing their contributions to effective IT governance and organizational success. This report is available on Desklib, a platform that provides AI-based study tools and resources for students.