CHAPTER-2 Review of Literature

The chapter consists of two parts. Part one highlights the related research studied
conducted in India and the later part throws light on the studies carried out at
International Level. The researcher has attempted to incorporate in this chapter
every chosen aspect of the study. In addition to this, the researcher has also tried
to accommodate some more components of Management Audit System such as,
performance audit, operational audit, internal audit etc. facilitate for the
research.

Review of Literature
Literature review is the crucial part of any research. This helps the researcher
avoid reinventing past contributions and results. This focuses on the past
literature in the field of research and its classification under different angles. The
critique comparison of the past literature will narrow down the research topic
and provide a base for selecting a research topic which will have more pay-off.
The outcome of the literature review gives a direction for future research.

Literature adds to reality, it does not simply describe it. It enriches

the necessary competencies that daily life requires and provides; and
in this respect, it irrigates the deserts that our lives have already
become.
C.S.Lewis

2.1 RESEARCH STUDIES :(NATIONAL)

Aditya Birla Group Corporate Management Audit according to the study,
Corporate Management Audit is committed towards systems perfection across
the group in India and overseas. It has been actively involved in the evolution,
implementation and review of internal controls, cost reduction methods. Group
policies, effective MIS, assessment and mitigation of business risks and
promoting effective corporate governance, etc. The audit function regularly
shares information and best practices among the units and helps the group to

48
 CHAPTER-2 Review of Literature

keep pace with the fast changing business scenario, resulting in continuous
growth of the group as well as value addition to stakeholders.

Aftab Ahmad Khan, Management audit an effective tool for ensuring all round
efficiency this paper explains that management audit as a concept in
management literature evolved over a period of seven decades. It was T.G. Rose,
an industrial consultant from the United Kingdom who had first introduced the
concept of management audit in a paper he presented in 1932 before the Institute
of Industrial Management (now merged with the British Institute of
Management).The management audit concept, however, received greater
attention in the United States of America. Jackson Martindell, an investment
consultant and founder President of the American Institute of Management
(incorporated in 1948) developed a logical system of the concept of management
and employed it for evaluating 52 publicly owned companies from 1948 to 1960.
These studies were published under the title, Investment Value of Management
Excellence. Few business terms have had as many meanings in so short a period
of time as management audit. For this reason the modern management audit is
often confused with its better known (and understood) historical antecedent
financial audit. Both of course, involve the gathering of information that can aid
decision making a process as old as history. But as the requirement of an
increasingly complex society transformed the Kings Court of simple times into
to-days executive court of economic forecasters, lawyers, accountants and
management consultants, so too have the demands of contemporary business
environment created a need for analysis broader in scope and purpose than the
financial audit.

49
 CHAPTER-2 Review of Literature

Alaa-Aldin Abdul Rahim A. Al Athmay, Performance auditing and public sector

management in Brunei Darussalam explains that although performance auditing
is envisaged in the legislation, the main thrust of auditing is still on financial and
procedural compliance; the paper discusses why this is so and in what
circumstances it might change.

G.S. Batra, Management audit as a service to public enterprise management: a

study of management audit and the memorandum of understanding (MOU)
system in India the result reviews that there is a constant demand from public
enterprise managers for increased autonomy in order to ensure better efficiency
and effectiveness in public enterprises. The system of MOU and Management
Audit by articulating the missions, objectives and expected results along with the
methods of performance evaluation goes a long way towards improving the
performance of public enterprises. Hence by adopting these strategies public
sector management in India is shaping up to face turbulent times.

Government of Saskatchewan News Release (2007) Results of Independent

Forest Management Audit Released, this article refers to the results of the
second independent sustainable forest management audit conducted under
Saskatchewan's updated legislation were released today, highlighting
requirements for monitoring and reporting of forest practices in the province.

Gurdeep Singh Batra, Narinder Kaur, Emerging Dimensions of Audit

Accountability: A Case Study of Public Enterprise Management and Efficiency
Audit in India this paper finds that audit control over public enterprises varies
from case to case, and the CAG should interpret this power according to the need
of situation, and there should be external efficiency audit for public enterprises.

50
 CHAPTER-2 Review of Literature

Jacab Sunil, Management Audit Presentation Transcript this paper explore

that management audit is an independent review and investigation which is
concerned with the identification of those functional and operational areas where
management has failed to achieve the required external standards of
performance and with evaluation of decision making with the aim of monitoring
and improving the efficiency and effectiveness of the organization.

J.P.Srivastav, GirishK.Srisvastav, Management Audit A pilot survey of views

this paper finds that under changing conditions the current audit system is not
sufficient to fulfill the needs of the public, in the comings years management
audit of private enterprise may be made compulsory as in public enterprise.

K.S. Chaudhary, Relevance of management audit in modern industrialization

this study explores that management audit helps management of the organization
in its present and future growth and prosperity through pragmatic and
constructive appraisal of all activities of the organization.

RadhaViswanathan, Management audit: Scope & Objective this article show that
management audit allows in-depth information to the top management about
companies management system inter and intra-department procedures,
production methods level requirement of training etc.

Vijay Khaana&V.S.Kaveri, Implementing Risk-Based Management Audit in

Indian Banks: An Assessment of Organizational Preparedness in this report it is
analyzed that, banks in India have made sufficient progress in introducing Risk-
Based Internal Audit (RBIA) as per the guidelines of the Reserve Bank of India.
But there are numerous issues associated with the implementation of RBIA,
which need to be analyzed in order to resolve the same. In this context, a survey
of banks was undertaken to assess the progress made in the implementation of
RBIA and offer suggestions to resolve the issues, if any. The findings of the survey
are interesting and help in identifying the relevant issues. The banks have to go a

51
 CHAPTER-2 Review of Literature

long way in resolving such issues. The present paper throws light on these
aspects.

2.2 RESEARCH STUDIES:(INTERNATIONAL)

Audie Waltmon, The Curriculum Management Auditas per the studythe
Curriculum Management Audit poses three questions to guide the process and
ultimately determine the outcomes of the curriculum audit: Does it exist? Is it
quality? Is it used? The curriculum audit process tries to determine the degree of
alignment of the written, taught, and tested curriculum. While the audit is
voluntary, some state educational agencies may require a form of the
management audit in the future. The five standards in the audit are represented
by key words: control, direction, equity, feedback, and productivity. Each
standard covers a component of the audit process that determines the
effectiveness and efficiency of the instructional program. This book is a powerful
and practical resource for central-office administrators, curriculum directors, and
principals to examine the curriculum using the principles espoused in the
curriculum management audit process.

Dale L. Flesher,A Management Audit of Small Business Long-Term Financial

Affairs the result suggested that the owner or manager of a small business can
conduct the audit on sort of a do-it-yourself basis. Although every department
could possibly benefit from such an audit, it is the long-term financial
management of the organization that might profit the most from a value-for-
money audit.

Dale L. Flesher,An Operational Audit of Working Capital Management this

article explores that intended to end the oversight. An operational audit can lead
to better management of working capital in the same way that it can lead to better
management of a production area or by a treasurer who merely wants to perform
a self-audit of his or her own department's efficiency and effectiveness.

52
 CHAPTER-2 Review of Literature

Dale L. Flesher, Jeffrey S. Zanzig, Management accountants express a desire for

change in the functioning of internal auditing this paper outlines the results of a
survey designed to compare the opinions of internal auditors to one class of audit
customers namely management accountants. To function effectively, internal
auditors and the customers of audit services should possess a similar
understanding of what makes internal auditing a value-added activity. Failure to
reach this understanding could result in the perception that internal audit is
simply an obstacle to achieving production objectives. This can result in
underutilized audit services and ignored audit recommendations. Fortunately,
internal auditors and management accountants have similar views, but there are
a few areas of difference that should be addressed by internal auditors.

Lane, The Operational Audit: A Business Appraisal Approach to Improved

Operations and Profitability the findings of that study operational audit is
concerned with the appraisal of company effectiveness, identifying operations
which are open to improvement.

Dessalegn Getie Mihret, Aderajew Wondim Yismaw, Management audit

effectiveness: an Ethiopian public sector case study the findings of the study
highlight that management audit effectiveness is strongly influenced by internal
audit quality and management support, whereas organizational setting and
auditee attributes do not have a strong impact on audit effectiveness.

D.F. Sutton, Management Audit and Appraisal this general reviews that
traditionally, auditors are not popular people and their arrival in an organization
is apt to give rise to an anxious wariness and defensiveness throughout the
system. Audit is believed to be a fact-based, periodical, astringent process
designed to reveal errors and weaknesses and to identify those responsible. It is a
process to be endured rather than welcomed. The philosophy outlined in this
article owes little to the traditional concept of financial audit: it is concerned with

53
 CHAPTER-2 Review of Literature

people and could possibly benefit by being known by some name other than
audit, with its present connotations.

F.Y. Chan, W. Willborn, H. Xiao, H. Li, Research Report: An Expert System for
Quality Management Auditing this reports on the development of an expert
system designed for auditors of quality management, discussing its development
process (QMA-1), composition and structure. The system was tested in 20
Chinese organizations and user feedback reported. Outlines plans for future
development of the system.

Gerrit Sarens Ignace De Beelde, The Relationship Between Internal Audit and
Senior Management: A Qualitative Analysis of Expectations and Perceptions this
study finding that senior management's expectations have a significant influence
on internal audit and that internal audit, generally, is able to meet most of these
expectations.

John A. Quelch, Paul W. Farris, James Olver, The Product Management Audit:
Design and Survey the result reviews that actual audit surveys and shows how
one company use an audit to identify and solve problems within its product
management organization concludes that the product management audit is an
excellent tool for producing hard data which may be missed by management by
walking around.

J.M. Askey, B.G. Dale, Internal Quality Management Auditing: An Examination

the finding of that study are management audit is concerned with the appraisal
of medium- sized manufacturing company effectiveness, identifying operations
which are open to improvement.

J. Innes,External Management Auditing of Companies a Survey of Credit

Managers this study focus that external management auditing has links with
but is different from external financial auditing, internal operational auditing
and management consultancy. The reasons for conducting external management

54
 CHAPTER-2 Review of Literature

audits are considered, particularly in relation to the accountability of corporate

management, and the interests of various potential user groups. . Essentially, the
conclusion was that credit managers strongly favored external management audit
reports.

Jiankang Wang, Jiuling Xiao, Knowledge management audit framework and

methodology based on processes the finding of the study, Knowledge
management audit is the first important step in a knowledge management project
and includes four phases: preparation, analysis, implementation, and summary.
Its primary content involves knowledge management environment audit,
knowledge property audit, knowledge management ability audit and knowledge
management performance audit, and its main modules consist of knowledge
demand analysis, knowledge inventory analysis, knowledge map and knowledge
flow analysis.

J. Kenneth Reynolds & David A. Wood, The Effects of Using the Management
Audit Function as a Management Training Ground on Internal Audit Quality and
External Audit Fees this study examines how using the management audit
function (MAF) as a management training ground (MTG)-a popular practice used
by nearly half of companies in the United States-affects internal audit quality. We
also test whether using the IAF as a MTG results in more control conscientious
management and thus lower external audit fees or less competent/objective
internal auditors and thus higher external audit fees. We distinguish between
IAFs that use the chief audit executive (CAE) position and staff internal auditor
positions as MTGs. We hypothesize and find that companies that use staff
internal audit positions as a MTG are generally of lower quality as the internal
auditors are less competent. In addition, external audit fees are significantly
higher for companies that use the CAE position as a MTG; however, this effect
appears to be caused by external auditors concerns over the internal auditors'
objectivity rather than their competence.

55
 CHAPTER-2 Review of Literature

James R. Crockett, Criteria for Operational Auditing this article looks at the
criteria held to be essential for any type of auditing, i.e. comparing what was
with what should be. However, in operational auditing this is not a clear cut
distinction. An approach to the identification and evaluation of criteria for
evaluating effectiveness and efficiency is outlined. Auditors must agree with
managers what operations are intended to accomplish and how they judge
performance; planning and control systems may be a focal point in monitoring
performance but other organizational data may need to be sought. Formal
performance standards may need to be established and the reliability of data
must be checked.

John Innes, Robert A. Lyon, A Simulated Lending Decision with External

Management Audit Reports this paper focus on the bankers' overdraft decisions
were statistically significantly related to the addition of an adverse management
audit report. The reasons given by the bankers for their corporate overdraft
decisions also suggest that bankers would be interested in and would use external
management audit reports.

John Innes, External Management Auditing of Companies: A Survey of Bankers

this paper revealed strong support from the bankers for external management
audit reports and the bankers would like these reports to include assessments
both of the general management function and of certain individual business
functions.

J. Olver, The management audit function: Perceptions of internal audit roles,

effectiveness and evaluation the results of the study suggest significant
expansion and refocus of the role of MA and perceptions of its effectiveness.
However, the findings also suggest that performance evaluation mechanisms of
MA have not evolved contemporaneously. The misalignment between the role
and evaluation gives rise to difficulty in assessing the extent to which IA functions
are meeting stakeholders' expectations.

56
 CHAPTER-2 Review of Literature

Kenneth S. Most, A Selective History of Management Auditing this journal

review is a consideration of the history of management auditing suggests that the
evolution of non-financial audit and the rise of the internal auditor can be traced
back to audit's earliest origins and that modern financial audit is a special case of
more general auditing. Professional audit came about partly through legislation
and partly to serve the interests of companies. In the USA, as a narrower purpose
of audit took hold, companies and government responded by the development of
an internal audit function to fill the gap.

Kristin Reichborn-Kjennerud, Auditors understanding of evidence: A

performance audit of an urban development programme this article concerning
the performance auditors roles as improvement agents and independent
controllers is that the improvement agenda often implies interacting closely with
the auditees whereas controlling requires independence.

Laura de Zwaan, Jenny Stewart, Nava Subramaniam, Management audit

involvement in enterprise risk management the study indicates that a high
involvement in ERM impacts the perceptions of internal auditors' willingness to
report a breakdown in risk procedures to the audit committee. However, a strong
relationship with the audit committee does not appear to affect their perceived
willingness to report. The study also finds that the majority of organizations have
recently adopted ERM. Internal auditors are involved in ERM assurance
activities but some also engage in activities that could compromise objectivity.

Lindsay C. Hawkes, Michael B. Adams, Total quality management and the

management audit: empirical evidence this study focus that unless the
management audit function responds proactively to the challenges of TQM,
firms may look to other agencies to perform quality systems reviews.

57
 CHAPTER-2 Review of Literature

Management Skills and Performance Audit, this paper focuses on current

thinking supports the contention that successful organization performance rests
on the skills, knowledge, attitudes and other human characteristics of the
workforce. In Australia, a consequence of this thinking is that action to improve
performance has centered on improving skills, training and staff development,
and linking training and performance with the achievement of strategic
objectives.

Martha J. Whitaker, Conducting a facility management audit this paper focuses

on a facility management audit which follows an orderly, objective process to
compare an organization's FM resources to internal expectations and external
benchmarks can help, claims that the FM audit will give teams an understanding
of every part of their operations enabling facilities managers to develop a holistic
view of facilities and strategies for continuous improvement.

Merce Bernardo, Marti Casadesus, Stanislav Karapetrovic, Iaki Heras,

Relationships between the integration of audits and management systems: An
empirical study this study explore that it was found that organizations that
exhibited a higher level of integration of their standardized MSs also
demonstrated more highly-integrated audits. In addition, the level of integration
was generally higher for internal compared with the external audits.

Milena Alic, Borut Rusjan, Managerial relevance of management audit: Business

benefits of using ISO 9000 internal audit as a managerial tool this paper shows
that in order to use management audit as an effective managerial tool,
management audit has to be appropriately integrated within a strategic
management system. The greatest benefits can be achieved by companies that are
internally motivated to introduce the QMS which have a mature quality culture
and QMS and their quality objectives linked to the business ones.

58
 CHAPTER-2 Review of Literature

Mort Dittenhofer, Performance auditing in governments the result suggested

that government management reporting constitute the parameters of a
performance auditing model appropriate for government officials and
stakeholders.

Packaed Thomas, The Management Audit as a Teaching Tool in Social Work

Administration according to this study the accountability movement in social
work in the 1970s (Martin &Kettner, 1997) and the popularizing of excellence by
Peters and Waterman (1982), social work administrators have increasingly
focused on defining and achieving organizational effectiveness. The recent
emphasis on outcomes measurement in social work (Mullen &Magnabosco, 1997)
has heightened interest in creating maximally effective human service programs,
and best-selling authors outside of social work (e.g., Kanter, 1983; Osborne
&Gaebler, 1992) have emphasized the need for major changes in organizational
management.

Philomena Leung, Barry J. Cooper, Luckmika Perera, Accountability structures

and management relationships of internal audit: An Australian study this study
focus that while internal audit objectives have been established with a focus on
controls, risks and governance, the study has highlighted the fact that there is a
lack of correlation between the tasks performed by internal auditors and the
important internal audit objectives, with the exception of internal control and
risks. The results also suggest that internal auditors have been providing an
internal consulting and advisory role in matters concerning IT systems, strategic
risks and financial issues. If internal auditors are to proactively contribute to
good corporate governance, they need to define how, and in what way, this can be
done. In regard to corporate governance processes, the results of the research
indicate that issues surrounding internal control, risk assessment and
management processes are regarded as the key factors for internal audit to
contribute to good corporate governance.

59
 CHAPTER-2 Review of Literature

Robert M. Torok, Patrick J. Cordon , Operational Profitability: Conducting

Management Auditsexplains their book Operational Profitability offers CPA
firms a unique opportunity to provide valuable new client services, add
substantial value to current services, and greatly expand their own revenue base
and earnings potential through the use of management audits. A management
audit is an in-depth review of the individual parts of a business and how they
function and interrelate to produce overall results. Properly executed, the
management audit provides the best overview available of how a business works
as a single entity. It may also be used to evaluate specific functions within the
organization to determine their performance efficiency. The management audit
takes into account the unique characteristics of each company, adjusts its
standard of measurement accordingly, and reflects the specific nature of its
corporate culture. In today's hypercompetitive business environment, the
management audit could mean the difference between business success and
failure. This manual helps CPAs and their clients understand and regulate the
health of businesses by systematically identifying areas that affect profitability
most and by offering experience-based solutions for improving efficiency in these
areas.

Sheila.D.Foster& Mary Brady Greena walt, Management Auditing: a comparison

across countries according to the study it is analyzed that, societys recognition of
the importance of management auditing has increased in recent years. This has
resulted in an increased recognition of the need for improving and formalizing
the manner in which internal auditors are educated. Suggests some of the forces
that have led to this increased awareness of the value of internal auditing and
discusses historical changes in internal auditing education.

US Fed News Service, Including US State News (2009)Public Service

Commission issue Management Audit of Shelby Energy-Finds That Electric
Cooperative has Improved Safety Procedures according to this study, a
management audit conducted by the Kentucky Public Service Commission (PSC)

60
 CHAPTER-2 Review of Literature

has found that Shelby Energy Cooperative has improved worker safety since a
string of four fatal accidents from 1998 to 2007. The PSC initiated the audit in
October 2008, following the settlement of charges of safety violations stemming
from the most recent of those fatalities. In addition to safety issues, the audit also
addressed Shelby Energy's failure to properly pass through to its customers the
full cost of the power it purchases from the East Kentucky Power Cooperative
(EKPC).

Yan Jine, Li Dunjia, Performance audit in the service of internal audit this
paper revealed that performance audit is the most appropriate approach for
internal audit through it; enterprises may tighten up control and raise managerial
efficiency as well as improving their competitive situation

2.3 CONCLUSION
After reviewing the entire study carried out at national and international level,
the researcher concludes that although some of the topics have been covered in
the earlier literature review, no comprehensive study exists that treats all the
components of MAS in an integrated fashion. The current study aims to fill the
gap. It indicates that the topic chosen for the study is quite relevant. To
summarize, the research opens the doors for exploration of upcoming areas in
the field of MAS in order to make the further studies more meaningful.

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 CHAPTER-2 Review of Literature

REFERENCES

1. Aditya Birla Group Corporate Management Audit.com/thegroup/corp-

mangmt-audit-cell-htm.
2. Aftab Ahmad Khan, Management audit an effective tool for ensuring all
round efficiency, Business & Finance Review.
3. Alaa-Aldin Abdul Rahim A. Al Athmay, (2008) "Performance auditing and
public sector management in Brunei Darussalam", International Journal of
Public Sector Management, Vol. 21 Iss: 7, pp.798 811.

4. G.S. Batra, (1997) ,"Management audit as a service to public enterprise

management: a study of management audit and the memorandum of
understanding (MOU) system in India", Managerial Auditing Journal, Vol. 12
Iss: 3, pp.148 155.
5. Government of Saskatchewan, News Release (2007) Results of Independent
Forest Management Audit Released.
6. Gurdeep Singh Batra, NarinderKaur (2000),Emerging Dimensions of Audit
Accountability: A Case Study of Public Enterprise Management and
Efficiency Audit in India, Managerial Auditing Journal, Vol. 8 Iss: 6.
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8. J.P Srivastav , GirishK.Srisvastav (1996) ," Management Audit A pilot

survey of views", Managerial Accounting Journal,, pp.408 11.
9. K.S Chaudhary (1983), Relevance of management audit in modern
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10. Viswanathan, Radha (1985), Management audit: Scope & Objective",

Chartered Accountant Journal, pp.618 20.
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Management Audit in Indian Banks: An Assessment of Organizational
Preparedness. Journal of Bank Management, Vol. VII, No. 3, pp. 23-47,
August 2008.

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 CHAPTER-2 Review of Literature

12. Audie Waltmon (Dec, 1995) The Curriculum Management Audit Pa., 17804,
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13. Dale L. Flesher, (1993) "A Management Audit of Small Business Long-Term
Financial Affairs", Managerial Finance, Vol. 19 Iss: 8, pp.14 24.

14. Dale L. Flesher (1989) "An Operational Audit of Working Capital

Management", Managerial Finance, Vol. 15 Iss: 6, pp.26 32.
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a desire for change in the functioning of internal auditing", Managerial
Auditing Journal, Vol. 15 Iss: 7, pp.331 337.
16. D. C. Lane, The Operational Audit: A Business Appraisal Approach to
Improved Operations and Profitability, The Journal of the Operational
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audit effectiveness: an Ethiopian public sector case study", Managerial
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for Quality Management Auditing, International Journal of Quality &
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and Senior Management: A Qualitative Analysis of Expectations and
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November 2006.

21. John A. Quelch, Paul W. Farris, James Olver (1992), "The Product
Management Audit: Design and Survey Findings", Journal of Product &
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Examination", Managerial Auditing Journal, Vol. 9 Iss: 4, pp.3 10.

63
 CHAPTER-2 Review of Literature

23. J. Innes, External Management Auditing of Companies a Survey of Credit

Managers", Accounting, Auditing & Accountability Journal, Vol. 3.
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framework and methodology based on processes", Journal of Technology
Management in China, Vol. 4 Iss: 3, pp.239 249.
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Management Audit Function as a Management Training Ground on Internal
Audit Quality and External Audit Fees.www.ssrn.com.
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Bankers, Accounting, Auditing & Accountability Journal, Vol. 3 Iss: 1.
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effectiveness and evaluation", Managerial Auditing Journal, Vol. 26 Iss: 7,
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30. Kenneth S. Most, (1987) "A Selective History of Management Auditing",

Managerial Auditing Journal, Vol. 2 Iss: 3, pp.26 29.
31. Kristin Reichborn-Kjennerud, Auditors understanding of evidence: A
performance audit of an urban development programme, Evaluation July
2011 vol. 17 no. 3 217-231.

32. Laura de Zwaan, Jenny Stewart, Nava Subramaniam (2011), "Management

audit involvement in enterprise risk management", Managerial Auditing
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33. Lindsay C. Hawkes, Michael B. Adams (1995), "Total quality management
and the management audit: empirical evidence", Managerial Auditing
Journal, Vol. 10 Iss: 1, pp.31 36.

64
 CHAPTER-2 Review of Literature

34. Management Skills and Performance Audit Asia Pacific Journal of Human
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35. Murtha J.Whitaker (1995) Conducting a Facility Management Audit.
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36. Merce Bernardo, Marti Casadesus, StanislavKarapetrovic, IakiHeras, (2011)
"Relationships between the integration of audits and management systems:
An empirical study", The TQM Journal, Vol. 23 Iss: 6, pp.659 672.
37. Milena Alic, BorutRusjan (2011), "Managerial relevance of management
audit: Business benefits of using ISO 9000 internal audit as a managerial
tool", The TQM Journal, Vol. 23 Iss: 3, pp.284 300.
38. Mort Dittenhofer, (2001) "Performance auditing in governments",
Managerial Auditing Journal, Vol. 16 Iss: 8, pp.438 442.
39. Packaed Thomas (Jan1, 2000) The Management Audit as a Teaching Tool in
Social Work Administration. Journal of Social Work Education, page no.13-
16.
40. Philomena Leung, Barry J. Cooper, LuckmikaPerera (2011), "Accountability
structures and management relationships of internal audit: An Australian
study", Managerial Auditing Journal, Vol. 26 Iss: 9, pp.794 816.

41. Robert M. Torok, Patrick J. Cordon , Operational Profitability: Conducting

Management Audits, February 4, 1997| ISBN-10: 0471172251 | ISBN-13:
978-0471172253| Edition: 1.
42. Sheila.D.Foster& Mary Brady Greenawal,ManagementAuditing: a
comparison across countries.www.ssrn.com.
43. US Fed News Service, Including US State News (September 1, 2009) Public
Service Commission issue Management Audit of Shelby Energy-Finds That
Electric Cooperative has Improved Safety Procedures. US Fed News Service,
Including US State News.

44. Yan Jine, Li Dunjia, (1997) "Performance audit in the service of internal
audit", Managerial Auditing Journal, Vol. 12 Iss: 4/5, pp.192 195.

65