Auditor's Contribution towards Effective Management of Business Organization

Abstract

This study is exploring the role of auditing in the effective management of business organization. OGDCL has 18 oil and gas processing facilities and 50 operational oil and gas fields spread out geographically across the nation. Dehydration, Gas sweetening, Refining, and Compression facilities are a few of these. Literature review proves audit has played tremendous role in increasing efficiency of businesses. PETSAL and SWOT analysis was performed to analyze the OGDCL in all expects. PESTEL study provides in-depth knowledge about operational challenges there. The governing body will be able to understand the task, the nature of business and key SOPs they must abide by during their tasks if a good PESTEL study is carried out for this industry concerning any country or region. SWOT analysis identifies the business strategic strengths and weaknesses of an organization. Finding out how well the current strengths and weaknesses are relevant to and able to handle fluctuations in the company atmosphere in the form of opportunities and threats is the aim. The goal-achieving ability of a corporation depends on the management and internal audit departments operating efficiently. Audit charter was carved out for OGDCL upon comparing charters of Woodside Energy and Aramco, then upon review and discussion with OGDCL final charter is suggested and presented to OGDCL. The audit charter will make it probable to specify the internal audit activity's scope precisely to suit the organization's demands. The document should be reviewed and then implemented as per the resources available to the organization