In today's time, there is a requirement of a competitive edge for a business to sustain. A good business structure would have some form of governance policies that affect the system. Without having proper management structures and planning, the organisation would face a lot of challenges in this day. To handle the problems in this scenario, there is a requirement of a proper Management Audit which will affect the day to day progress of the organisation. In other words, management audit deals with adequate internal controls with the policies that affect the organisation. There is a requirement of a risk management process, also when it comes to having effective management audit services.
Organisations should have proper systems in place to control the management. In other words, there is a need for the requirement of an appropriate corporate governance system. Corporate Governance is a process that determines the relationship between the board members, shareholders and stakeholders of the company. Having good corporate governance practices will ensure that the organisation has an efficient system of management audit service.
Management Audit consists of the following:
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