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Simply defined, the management audit is a comprehensive and thorough examination of an organization or one of its components. The audit is implemented to identify problems or significant weaknesses in the organization or corporation, thus providing management with a tool to address and repair the problem area.

The audit is not a new or recent idea. History tells us of the presence of auditors in Pharaoh's Egypt and the classical periods of Greek and Roman history. As businesses developed and grew over the centuries of recorded history, the need for controls became increasingly important. Financial auditing became a standard in American businesses and, following the lead of New York State, certification for accountants was enacted as legislation in...