: We increase the effectiveness and efficiency ( with management audit services ) in the business operations, maintenance of internal controls, finding and tackling the loopholes in the working of the business so as to reduce the risk that affects the organization and help it in achieving its goals to increase the value of its Shareholders.
A Management Audit is an assessment of competencies of a company's management to carry out corporate objectives. The purpose of a management audit is not to review individual executive’s performances, but to evaluate the management team in its effectiveness as a whole to work in the interests of the shareholders. Management Audit not only includes the financial aspects of a business but also the non-financial aspects like organizational objectives, standard operating procedures &policies, internal controls and systems, use of physical facilities, human resources, etc. in order to check the efficiency or performance of the management over the activities of the Company. The purpose of a Management Audit is to identify the weakness in the existing management procedures and recommend ways to rectify them.
a. Clear lines of reporting in the Organizational Structure
b. Compliance with the Standard Operating Procedures and other policies.
c. The effectiveness of current risk management measures
d. To point out weak links in organizational structure and in the internal control system and suggesting improvements.
e. Identify the weaknesses and inefficiencies of management in different functional areas, such as production, sales, finance etc.
f. Responsiveness of the Management towards its Shareholders
g. Effectiveness in workforce recruitment and retention
h. Recommendations to improve and correct the weakness that affects the business adversely.
The purpose of Management Audit is not just increasing the value of the business in monetary terms by cost cutting, but also increasing the effectiveness and efficiency in the business operations, maintenance of internal controls, finding and tackling the loopholes in the working of the business so as to reduce the risk that affects the organization and help it in achieving its goals to increase the value of its Shareholders.