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Management Audit
4/17/12
Introduction to topic
Definition:
A systematic assessment of methods and policies of an organizations management in the administration and the use of resources, tactical and strategic planning, and employee and organizational improvements. The objectives of a management audit are to 1. Establish the current level of effectiveness, 2. Suggest improvements, and 3. Lay down standards for future performance.
4/17/12
Practical Study
PECO ( Pakistan Engineering Company)
The manufacturing firm has been actively engaged in the manufacture of engineered good since late 50s. The company has rapidly expanded its product range to serve various sectors of the company. The company also received ISO 9001 certification in 1996. But still Company is going through economical crunch for the last few years.
SWOT Analysis
Strengths:
Strong Management Audit team Timely detection of errors & frauds through audit techniques Zero defective goods productivity
Weaknesses:
Weak
Opportunities:
They
can adopt more management audit techniques through latest I.T technology They can monitor and implement I.T based software to 4/17/12
Conclusions:
Even though many audit techniques are being applied in the company, there is room for improvement. The main reason for losses in the company is because of political instability and reliance on government orders. The group strongly recommends that the issue of productivity should be taken up at national level and the national attitude towards working methods needs to be changed.
Recommendations:
More
professional approach to Marketing by establishing a full-fledged Marketing Department. Launch a website where suggestions from all staff may be sought. Increase in salaries to motivate staff at all levels. 4/17/12