A strategic audit is an in-depth review to determine if a company meets its organizational objectives in the most efficient way. A successful strategic audit is beneficial to any company.
Part of the strategic audit is a Core Competence Analysis. This determines the core competence that distinguishes your company from its competitors.
This blog post goes deeper into thestrategic audittopic.
Boards can fulfill strategic oversight duties better if they implement a formal review process: a strategic audit.
A strategic audit assesses your current business strategy,how suitable it is for your business,and whether your company can execute the plan.
Performing a strategic audit regularly is crucial to the business’s success,as the strategy needs to continually be taking into account market conditions and changes.
A strategic audit begins with a clear business plan. Establishing the strategic plan gives auditors a baseline for their work.
An internal audit will typically adopt a medium timeline for strategic planning purposes allowing the chief audit executive (CAE) to balance assurance needs and resources within a defined budget envelope to provide reasonable assurance to the audit committee and senior management.
The goals set through strategic planning are converted into activities which show the ray of hope to reach the goal through operational planning.