management (noun, man-age-ment, /ˈmænədʒmənt/) audit (noun, au-dit, /ˈɑːdɪt/)
Definition: is a systematic, regular assessment, evaluation of the organization’s management system and its policies and methods. It is an assessment of all the administrative policies, resource use, strategic planning, tactical and organizational methods, and the overall improvement of the business’s performance. The most prevalent purpose of a management audit includes determining the current level of a company’s effectiveness and productivity, suggesting ways for improvements, and setting the standards and norms for future execution and performance. Company employees or the independent outside consultants can perform as management auditors. The objective of a management audit does not usually include the evaluation of each individual performance but is directed towards the performance of the management team.
In a Sentence:
- The last management audit revealed that the management body was lacking in terms of control system and methods.
- To conduct the current management audit, he prepared a detailed questionnaire. He also intends to interview all of the managers.
- If we want a very thorough examination, we should probably implement a management audit.
Synonyms and related terms: performance audit, management auditor, systematic assessment, strategic objectives evaluation, management team, audit, auditor
