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The audit methodology is extremely useful for the purpose of ensuring that the elements of a larger industrial organization can be used to conduct an audit and understand the operations of the organization completely. A business requires to be well managed in order to enable the expansion of the business and also ensure that there be effective utilization of resources and opportunities. This requires a complete audit to be performed in order to help understand the business and its processes.
A business model refers to a framework that can help a business formulate its strategies based upon the model. It helps ensure appropriate levels of direction for the purpose of formation of a strategy. The implementation process of a strategy should necessarily be well aligned to the business model in order for it to succeed. Audit methodology helps understand the business model and thus makes strategy making for international benchmarking possible.
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