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Performance identification and assessment of every facet of company management constitutes the first step to good expenditure management, hence to increasing profits. This means one must be systematic and organized in order to cover all management aspects.
Conducting performance audits has nothing to do with audits assessing compliance to rules or usual practices.
In fact, business executives must ask themselves the right questions in order to determine their competitive edge, the quality of their managers and work force, the relevance of their strategies and objectives. Finally, they must be aware of their performance criteria and rate of return on expenditure.
To do so, one must have a clear and realistic picture of his administration’s performances and aim for operational excellence. The performance audit allows one to identify, become aware of and correct any performance gap related to the company’s overall operations.
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