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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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Among the resources on the webpage are the department's recently approved strategic plan, annual reports going back 10 years, annual state operational audits, department financial statements, audits of federal grant funding, and even game harvest surveys and big game reports.
But for those in management positions and those who perform compliance and operational audits and in similar positions whose work involve a lot of details, more are expected from them.
These range from, for example, design reviews from an operational standpoint, life cycle cost modelling, FM services procurement and live operational audits," Bond says.
He covers the objectives and phases of operational audits, risk assessment, control frameworks, assessment tools, the eight areas of waste and seven principles of auditing, quality control, issues in documentation, project management, auditing business functions and activities, and a great many other related subjects.
His first position was Staff Accountant, where he performed a variety of financial tasks including operational audits and the preparation of corporate financial statements.
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.
Their responsibilities have expanded significantly to include strategy audits, ERM audits, ethics audits, operational audits, quality audits, IT audits, supplier audits, and due diligence in mergers and acquisitions.
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.

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