Management Audit
Management Audit is a systematic examination of decisions and actions of the management to analyse the performance. Management audit involves the review of managerial aspects like organizational objective, policies, procedures, structure, control and system in order to check the efficiency or performance of the management over the activities of the Company. Unlike financial audit, management audit mainly examine the non financial data to audit the efficiency of the management.
Management Audit is an assessment of methods and policies of an organization's management in the administration and the use of resources, tactical and strategic planning, and employee and organizational improvement. Management Audit is generally conducted by the employee of the company or by the independent consultant and focused on the critical evaluation of management as a team rather than appraisal of individual.
Objectives of Management Audit
Assessing the current level of effectiveness of management and increasing its efficiency.
Suggest Improvement for better management policies.
Set standards for future performance of management personnel.
Guidelines for organizational restructuring.
Introduction of management information systems (MIS) to assist in meeting productivity and effectiveness goals.
To identify the weaknesses and inefficiencies of management in different functional areas, such as production, sales, finance etc. and to analyse different ways to overcome such weaknesses or inefficiencies.
It helps the management by providing suggestions to attain the goals of an organization
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