Internal and External Audit
Aztech Group Ltd is a Singapore-based investment holding company. The company is intending to enter into new market in Australia. Before the company can enter new market, a number of factors needs to be considered. In part 1 of this work, we proposed that the best entry mode to adopt would involve the strategic alliance. The reason why strategic alliance was chosen is that Aztech Group Ltd is most likely to face different challenges, which are broadly classified as cultural, legal, political, economic and market (Aztech Group Ltd 2012).
Part 2, on the other hand, focused on the cultural and ...view middle of the document...
This is evidence by the fact that the 2012 annual report reveals that the company has made significant progress in growing its new business segments largely through internally generated funds. The group has also diversified its services and products to different groups, which include AZ e-lite, Az Marine, Az United, and Shiro. This has enabled the company diversify its operations. The importance of diversification is apparent when one considers how AzUnited enabled the group drive out of two difficult economy cycles, one in 2008 and another in 2012.
As far as human resource management is concerned, the company has best strategies for motivating and retaining employees. The company has stayed true to its mission of empowering employees with resources, skills and knowledge. This is evidenced by presence of comprehensive talent recruitment and retention programs, performance appreciation, internal electrical communication platforms such as e-newsletter and Aztech connects, sports and recreation, safety and health management system.
As far as its operations are concerned, the company strives to produce the best quality. Its quality management systems were developed, implemented and maintained according to ISO 9001 and TL9000 standards. Generally, the Aztech group has best internal environment. Customer satisfaction provides a leading indicator of purchase intentions and loyalty. The quality is also reviewed annually for adequacy and effectiveness.
As far as external environment is concerned, the company is striving much to be part of the community. The group has already come up with different community involvement projects, which include walk for our children, where the company assists in fund-raising efforts for the less privileged segments of he community. The company also participates in blood donation, and has come up with projects such as “A Glow of love to educate the public on the benefits of switching to LED lights and help brighten up the homes of the low-income elderly and families.
As far as evaluation and control is concerned, the company is currently using balanced score card. Balanced score card is a management tool that is used to ensure that the objectives of key aspects of an organization such as finances, processes, and employees...