Although financial audits are well recognized, the idea of scrutinizing your business strategy in a similar way is less common. The strategic audit may show essential for ensuring that your organization continues to generate value and that any governance issues are addressed.
A strategic audit can be known as a business health check. Strategic audit will perform a comprehensive review of strategy to identify weaknesses, blind spots and reasons why profits are failing to reach the expected level. It will also identify new areas where far more value can be added.
So, it is very much essential to have a strategic audit with in the organization. Financial audit is a mandatory. But Strategic audit is not mandatory. However Strategic audit is more important than a financial audit as it will enable management to take correct decisions.
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