What Is It?
COBIT stands for "Control Objectives for Information and Related Technology" and is a basis for auditing the IT management function.

Timeline

1996
ISACA (Information Systems Audit and Control Association ) released a set of control objectives for business applications... the first 
edition of COBIT.

1998
The second version was released, with the implementation tool set and high level and detailed control objectives being added.

2000
The third version of COBIT was released, which includes management guidelines.

ITGI (IT Governance Institute) becomes the prime publisher of the framework

2002
The Sarbanes-Oxley Act becomes law. This has a significant impact upon the up take of COBIT in the United States.