Management audit involves systematically examining analyzing and evaluating the overall performance of an organization's management's team. Management audits can be performed by outside consultants or by an organization's own internal audit staff.
Auditing has been defined by the American Accounting Association (AAA) to be a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria, and communicating the results to interested users.
People who perform audits function can be divided into three basic groups: independent auditors or certified public accountants, government auditors, and internal auditors (within an organization).
In addition to the more well-know accounting audits, other possibilities include management audits, human resource audits, social audits, SBU audits, and marketing audits .