Question

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

Answer 1

Answer:-

In spite of the fact that the audit report must enroll all the discoveries, the most improtant discoveries should discover their place in the start of the report. The most important ones are those which present most elevated hazard to the distinctive utilitarian exhibitions of the association if the consistence are not met with.

For this, the weaknesses can be isolated in three classifications viz. High hazard, Moderate hazard and generally safe, contingent on potential mischief their resistance can cause to the organization in type of operational misfortunes, legitimate issues, indictment for administrative infringement to give some examples.

In the comparative way, the most important stregths ought to be featured first in the rundown in order to empower the association to concentrate and influence on them for upper hand.

It is important to restrain the key factors to a couple of crucial ones to ensure that the most important issues are tended to on need premise, and are not lost in the work of less important ones. effect

It likewise encourages the administration to choose its need of activity to handle the consuming issues that need critical consideration, and ensure that they are settled before having any enormous effect.

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