What do you understand by management audit? How does it help management in improvement of its effectiveness?
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MANAGEMENT AUDIT
A management audit is an analysis and assessment of the competencies and capabilities of a company's management in carrying out corporate objectives.
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Management Audit is done to track the and analyse the performance of the management and it is a systematic method of evaluating the decisions and actions of the management. Management audit highlights the inefficiencies in different areas of management and provides effective suggestions and means to improve the efficiencies.
Explanation:
- Management audit evaluates and appraises the efficiency of the management at all levels. Management audit analyze the reasons for inefficiencies of the management for not fulfilling the targets
- The management audit reviews how the policies of the management have been implemented and its effectiveness in executing the policy.
- Management audit helps the management to increase profitability by giving remedies to maximize the organization's resources in an efficient manner.
To know more about management audit
Difference between financial audit and management audit
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