Answered Essay: After conducting an internal audit, a firm discovers a total of 100 strength and 100 weaknesses.

After conducting an internal audit, a firm discovers a total of 100 strength and 100 weaknesses. What procedure could be then used to determine the most important of these? Why is it important ro reduce the total number of key factors?

Expert Answer

Ans:

Though the audit report must enlist all the findings, the most improtant findings should find their place in the beginning of the report. The most important ones are those which pose highest risk to the different functional performances of the organization if the compliance are not met with. For this, the weaknesses can be divided in three categories viz. High risk, Moderate risk and low risk, depending upon potential harm their non compliance can cause to the company in form of operational losses, legal issues, prosecution for regulatory violations to name a few.

In the similar manner, the most important stregths should be highlighted first in the list so as to enable the organization to focus and leverage on them for competitive advantage.

It is important to limit the key factors to a few vital ones to make sure that the most important issues are addressed on priority basis, and are not lost in the mesh of less important ones. It also helps the management to decide its priority of action to tackle the burning issues that need urgent attention, and make sure that they are settled before making any big impact.

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