management audit

(redirected from Operational Audits)

Management Audit

A measurement and report of the effectiveness and results of certain business procedures. Management audits are usually performed internally, and check to see that procedures have their intended effect. Unlike a compliance audit, which simply ensures that procedures are being followed, management audits challenge the assumptions and goals of procedures, with an eye toward improving efficiency. A management audit may recommend changes in procedures resulting from observed inefficiencies in existing procedures. See also: Audit, Assurance.

management audit

A detailed audit that concentrates on analysis and evaluation of management procedures and the overall performance of an organization. A management audit is undertaken to discover weaknesses and to institute improvements within the organization. Also called operational audit, performance audit.
References in periodicals archive ?
His first position was Staff Accountant, where he performed a variety of financial tasks including operational audits and the preparation of corporate financial statements.
Having the ability to manage and conduct audits in the context of a changing business strategy and environment, utilize mobility to bring efficiency and agility to audits, integrate with critical business systems and processes and conduct a wider variety of operational audits, not just finance and IT, has evolved the auditor's role as well as use of technology," said Michael Rasmussen, chief pundit, GRC 20/20.
Bahrain Air said that the minister, during negotiations, extended the company's Air Operator's Certificate (AOC), after operational audits had been passed, for only two months instead of one year.
They are also recruited by various central and state government departments for assignments such as conducting techno- economic studies, financial management, project consultancy, materials management, tax planning, diagnostic accounting, revival of sick units, merchant banking, investment counselling, devising incentive plans, portfolio management, operational audits, conservation of energy and energy audits, environmental audits, and hiring and training of executives.
In the meantime the Auditors General have strengthened their operational audits and referrals for criminal investigations.
Staff responsible for internal control over financial reporting (ICFR) under Sarbanes-Oxley (SOX) section 404 and operational audits will need to understand how your company plans to apply IFRS so they can take appropriate actions based on both operational risks and the risk of material weakness in ICFR.
A range of options to for assisting the small healthcare organization include: educational updates on emerging technology; a technology briefing and readiness review; contract negotiations; vendor search/selection; implementation oversight; and, technology and operational audits.
Regardless of the location or culture, the types of audits most commonly conducted include operational audits, investigations of fraud and irregularities, financial audits, management effectiveness audits and ethics audits; with the greatest projected increase being in risk management and governance.
For businesses that need internal control presence, we conduct operational audits that start with a top-level evaluation of the risks inherent in operations.
The Annual Audit--or AA as it is to be known--has been devised by the UKWA's Operations and Safety committee in response to a groundswell of opinion that members should undertake regular operational audits as part of their conditions of membership.
Next, the internal audit section of the Strategic Services Unit provides assurances on key statutory accountability and the operation of the Department of Corrections' risk management framework that includes operational audits, security and custody audits, financial audits, information technology audits, special investigations, quality assurance and advisory reports.

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