Management audit Process can be well-defined as an objective and independent assessment of the efficiency of the managers and the efficiency of the corporate structure in the accomplishment of the company aims and policies. Its aim is to recognize existing and potential management weaknesses within an industry and to suggest ways to resolve these weaknesses.
THE OBJECTIVE OF MANAGEMENT AUDIT:
- To ensure optimum utilization of human resources and available physical facilities: Management Audits Procedure are carried out ensuring proper utilization of employees that means the right people at the right time for the right purpose. Timely Availability of physical facilities to the business.
- To suggest improved methods of operations: Operations of business shall be audited by the auditor, proper policies shall be kept in mind before executing any sort of audit in the company. The auditor reviews the policies and aids in carrying out business orderly.
- To anticipate problems and suggest remedies to solve them in a Timely Manner: Management auditing is usually carried out to resolve the issues faced by a business and also to ensure that timely solution is provided o the company so that company is legally compliant and financially stable.
- To point out deficiencies in objectives, policies, procedures, and planning: The main objective of a management audit is to point out deficiencies or issues that are faced by a business. Also, it focuses on preparing policies, planning, and adoption of the proper procedure to run a business.
- Early signals of weakness: To help management by providing early signals of weakness, means, and ways and to avoid those weaknesses. Management auditing services is done to make sure that business is carried out swiftly without causing an unreasonable delay.
How ASC can help?
- Review of existing business practices, policies, and processes and with a view to suggesting the best solutions.
- Constructive review of operations by keeping the client’s business needs in-focus area.
- Providing result oriented and practical solutions followed by support for its implementation and timely review.
- Critical evaluation of internal controls adopted by organizations and suggesting areas for strengthening in those areas.
- Assistance in meeting the clients’ Corporate Governance requirements in the best way.