The Internal Audit Environment

Question 1

Businesses should be aware of the potential need to change due to various factors. If the companies remain stagnant, then change will overcome them. The assessment by using some of the known parameters that include the SWOT analysis, PESTLE analysis and other models can influence change. There are several factors that trigger the potential need for change such as technology, customer preferences and tastes, as well as economic and political factors that shape the business (Turner and Nicholson 2012, p.197). The needs and interests of various company shareholders, the nature of business risks, and global concerns are other key factors of change. The above issues trigger the potential for change. Thus, for the business to remain relevant, it must have teams that are ready to adapt. Moreover, the teams should ensure that change is implemented in the right way, since advisers believe the modern world alters often.

Change in an individual lifestyle can be described as a day to day event. The phenomenon is either positive or negative. Moreover, it depends on the person involved in the process. For instance, the introduction of new members to my job team involved changing of roles. I became the head of the team, and I was not used to being the leader. It affected the time I had to report to work, increased the feeling of responsibility, and the skills required for leading a larger team. Moreover, working with new members meant spending more time trying to integrate them. Therefore, it was truly a challenge for me.

Resistance to change may come from several sources. Based on my experience, the factors included new team members, updated working conditions, and the altered working practices. They were some of the areas, where resistance arose. Handling resistance requires patience and team building events, so that the workers acquire comfort with each other. It also involves training and attending seminars to understand the roles of members and learning to handle the new working conditions.

Question 2

A stakeholder refers to an individual, group or organization that has a particular interest or stake in an organization. They are similar to owners of a business (Turner and Nicholson 2012, p.47). The organization example is the World Bank. The World Bank stakeholders include different governments around the world that are the major stakeholders. The organization achieves power through its worldwide network influence on its ability to grant financial services and advice to its members and governments. The management can decide on financing the entities; hence making it a classical example of an organization power influence through the different governments as stakeholders.

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Promoters actively take forward the planned activities. They includes the different government stakeholders that promote ideas to member parties. Latents play a significant role. However, since they perceive issues as unimportant, they hardly make any contribution. Supporters are the group that is in favor of development, but are not in a decision-making position. They may include minority member states that have little influence and less voting power. Apathetic are the members that have no influence or interest to take action. The group may include employees and staff of the World Bank.

Question 3

Effective communication is a key to successful organization. Communication is a tool of conveyance of instructions, training and feedback (Turner and Nicholson 2012, p.183). The dialogue between members of an organization is also a key factor, since it forms a basis for decision-making and information sharing. Moreover, it helps in building confidence and informs the employees. Communication helps managers to control the organization effectively; hence it is a vital element for an organization to succeed.

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Information source is where the sender selects data that is to be delivered. Mostly it is a person, who conveys the message or intends to render it.

The message is the direct information that is intended to reach the receiver from the sender. For instance, the sender’s information is the message. The message is changed into signals such as sound waves. The channel is the medium used in transmitting the message to ensure that it reaches the end user in the right way. A decoder receives the signal and converts it into the message. It is a reverse process of encoding. The receiver is the consumer of the intended message.

Question 4

The strategy is an expression of an organization’s goal. Managers and employees of an entity develop objectives that form a company’s strategy. Moreover, it defines the method to achieve the targets (Turner and Nicholson 2012, p.75).

An organization may encounter difficulties when developing a strategic plan. The challenges include globalization, e-commerce, information, and communication technology. Resistance to change, weak or inappropriate strategies, and ineffective leadership hinder the strategy implementation. If challenges are not addressed properly, they may render a strategy ineffective. Timely review and amendment in the strategy contribute to remaining relevant. They may include implementing support structure, proper alignment of management, updating the planning process, follow ups and accountability check.

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SWOT analysis is one of the methods used in strategic analysis. It identifies organization’s strength, weaknesses, opportunities, and threats. It evaluates the external and internal factors that may affect an organization, and prompts awareness relevant to strategic planning (Turner and Nicholson 2012, p.83). A model example is a milk plant. Its strengths is the capital stock, marketing and management team; the opportunities include good packaging and corporate social incentives. On the other hand, weaknesses to be addressed include the inability to utilize information technology, and threats are the market competition and vertical integration

Boston matrix is used to analyze existing products and sales based on cash cow, dogs, stars and question marks approach. Cash cows include products that have been tried, tested and successful. Examples of cash cows are the leading pharmaceutical companies. They have a high share of the growth market. Stars are successful, high in growth with a relatively large and growing share. An example is high-end machinery that is needed by different companies.

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