Performance Audit – A Tool for Both Private & Public Sectors

Performance auditing is a technique used by internal auditors to evaluate the economy, efficiency and effectiveness of the organizations' operations. It helps management ensure strategic objectives are being met and/or if they can improve upon them. A performance audit looks beyond financial controls or compliance with policies and looks for the existence of management measures such as leadership, employee empowerment, teamwork, risk assessment, management information, communication, resource allocation, productivity measurement, etc. Performance auditing therefore requires flexibility, imagination and analytical skills to provide organizations with innovative solutions and new ideas.  (Copyright Eide Bailly)