Strategic Audit

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Strategic Audit

A strategic audit is a business process that involves taking a detailed look at the strategies that are prevailing in key areas of an organization. An audit process normally involves formulating key questions about the operations of an organization and conducting investigations to seek credible answers to the questions. Therefore, asking the right questions, identification and implementation of the suitable measures shall enable the organization to get on the right track and stay on it. Every organization has its own unique strategic issues. However, most strategic audits are related to some key questions. These questions are critical in solving the audit needs of the firm.

The question of what business the organization is in is one of the most important questions in conducting the audit. If the organization has a team that shall deliver a winning strategy, should be the next question in the audit. The next questions include, the external factors affecting the company, whether they are doing the right thing and if they are actually doing them right, if their business strategies are feasible, achievable and attainable, how they shall translate the strategies into actions and how to know when success is achieved. The purpose of a strategic audit is to assess the position of the organization in terms of performance. This is because, after the audit is completed, the noting of a deficiency shall mean that the organization is not operating as per its set regulations (Hunger and Wheelen, 2000).

The audit is performed either by internal or external auditors and is focused on auditing the performance of the company against the laid down strategy. It then seeks to identify any hiccups within the operations of the company that may be attributed to poor performance. When the audit is completed, as is normal, a report is drafted that regards the findings of the audit and it shall contain recommendations on remedies. The report is addressed to the management of the organization or the relevant departments. The organization, as is required, shall then seek to execute the projected remedies with the sole aim of improving the performance of the organization (Rogers, Donna and John, 2001).

Works Cited

Hunger, David and Thomas Wheelen. Essentials of Strategic Management. Upper Saddle River, NJ: Prentice Hall, 2003. Print.

Rogers, Gayla, Donna Finley, and John Galloway. Strategic Planning in Social Service Organizations: A Practical Guide. Toronto, Ont: Canadian Scholars’ Press, 2001. Internet resource.