business objectives and strategies - SWOT analysis

Question 1

what is auditing?

Answer 1

allows a business to assess its strengths and weaknesses in relation to its competitors across the whole of a business

Question 2

what is internal auditing?

Answer 2

• many businesses employ external organisations to complete these surveys although it is possible for management to do them for their own departments
• the purpose is to provide accurate information about each department and it’s therefore best to use accounting to statistical data wherever it’s possible

Question 3

what is external auditing?

Answer 3

looks at the opportunities to the business and the threats which it faces in its external environment

Question 4

what does SWOT stand for?

Answer 4

strengths
weaknesses
opportunities
threats