What is meant by management audit?
A management audit is an assessment of how well an organization's management team is applying its strategies and resources. A management audit evaluates whether the management team is working in the interests of shareholders, employees, and the company's reputation.
What is management audit and advantages?
Management Audit is a process of evaluation of work done at all levels of Management. This ensures that the efficiency and productiveness of the management team is maintained. Evaluation is done from the highest level to the bottom to make sure that the work is going smoothly at all levels.
What are the features of management audit?
An effective audit management system possesses the following key features: Manages complete audit lifecycle including audit planning, audit plans, checklists, field data collection, development of audit reports and corrective and preventive action recommendations.
What is the need for management audit?
Management Auditors evaluate the actual performance by comparing it with predetermined standards. Auditors reveal any kind of defect and irregularities in the working of management. It can be said management audit helps in improving the performance and efficiency of management.