Audit
An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditing has become such a ubiquitous phenomenon in the corporate and the public sector that academics started identifying an "Audit Society". The auditor perceives and recognises the propositions before them for examination, obtains evidence, evaluates the same and formulates an opinion on the basis of his judgement which is communicated through their audit report.
Internal Audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.
Management
Management (or managing) is the administration of an organization, whether it is a business, a not-for-profit organization, or government body. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources. The term "management" may also refer to those people who manage an organization.
Management
Poorly managed corporations, disorganized businesses, and badly led service agencies experience crisis daily and most will eventually fail. In contrast, the danger is to well organized, smooth running institutions that may not recognize a building crisis. Too often, sound organizations rely on their normal modus operandi to pull them through a crisis. It might. But at what cost? And what if it does not pull them through?
Wheeler L. Baker, Crisis Management: A Model for Managers (1993), p. 6
Management
Management as an activity has always existed to make people’s desires through organized effort. Management facilitates the efforts of people in organized groups and arises when people seek to cooperate to achieve goals.
Daniel A. Wren and Arthur G. Bedeian. The evolution of management thought, 1972, p. 11-12
Management
Understanding the concept of competency is a prerequisite to understanding his integrated model of management.
Richard Boyatzis (1982) Competent Manager: A Model for Effective Performance. p. 10