Use of Management Audit by Small and Medium-Sized Enterprises in Business - Managerial Practice

Abstract

Purpose: The paper´s primary objective is to emphasize and remind mainly small and medium-sized enterprise owners and managers of the magnitude of bringing the frequently neglected management audit into practice as an essential aid to broad assessment of the management systems. Design/Methodology/Approach: In order to review a management system used within an enterprise or in business practice in the present conditions, one may come across a variety of procedures and/or steps that may be followed. However, the majority of them appear to be specifically oriented, and particular factors influencing both the efficiency and quality of that system are subsequently assessed rather individually than completely. Findings: Management audit, which may be regarded as a unique tool for comprehensive evaluations of the currently used enterprise management systems affects the factors for an effective managerial practice on a large-scale level. Practical Implications: To introduce practical applications of the authors´ formerly published principles of systemic approach to management audit implementation and their developed concepts of audited areas, including given sectors. Originality/Value: The main effort of company owners and/or managers should consist in increasing the internal stability of their businesses on the basis of efficient and high-quality management as means of contributing to long-term success in the market.