Strategic Implications of a Swot Analysis

Name Nana Kesewaa Dankwa Index Number-PGDBA/PM/022/0912 EVALUATE THE STRATEGIC IMPLICATIONS OF THE chock up ANALYSIS MODEL OF AN ORGANIZATION OF YOUR CHOICE. Introduction Strength, Weaknesses, Opportunities and Threats ( trick out) Analysis is an important device for size up and digest of the boilersuit strategic position of an organisation and its environment. It aims to elicit tactics which will generate an organisation specific working(a) model that will outstrip align an organizations resources and capabilities to the requirements of the environment in which the firm operates (www. anagementstudyguide. com). Therefore, for all organisation to survive and master its mandate, it needs to strategically and competently undertake a elevate analysis of its environment to fashion out activities which will enable it pursue and achieve its mission and vision. The immanent size up potency The organisation selected for this assignment is the immanent analyse Agency (indoleacet ic acid). The indoleacetic acid was established by the Internal Audit Agency Act 2003 (Act 658).The Agencys mission is to exercise everyplacesight responsibility over natural canvas practice in the public usefulness by setting standards, providing quality assumption and supporting capacity building for good integrated governance, effective risk management and controls through extremely skilled and motivated workforce. Its vision is to be a Centre of Excellence in Africa in promoting best practices in internal auditing. The strategies adopted by the Agency to achieve its set objectives include 1.Effectively promoting internal audit practice in Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs) 2. Increasing public access to information on internal audit activities 3. Creating a congenial environment for high performance work in the Internal Audit Agency 4. Improving good governance and accountability in MDAs and MMDAs SWOT A nalysis Model of the Internal Audit Agency StrengthsWeaknessesOpportunitiesThreats Congenial relationship between Board, management and moduleConducive work environment Approved escape of ServiceLow morale of staff due to improper placement Support of the Presidency Legal backing for IAA work Independent Judiciary Good relationship with central management agencies (CMAs)Lack of continuous political commitment Poaching of internal audit skills by other institutions. in high spirits quality of staff (competence and qualifications) Proactive leading Supportive Board Youthful and energetic staff Cordial working relationship Good corporate imageInadequate training for staffInadequate office accommodation Inadequate Staff numbers Govt committed to developing internal audit function Appreciable number of qualified personnel available in Ghana Goodwill of suppliers and service providers International recognition Availability of curricula for training internal auditors in tertiary instit utions. Poaching of key staff from IAA Publicity on negative activities by staff of Internal Audit Units (IAUs) The perception that thwart practices are normal Misconception of the role of IAUs.INTRANET facilitates communication within IAA INTERNET facilitates communication of IAA with the outdoor(a) world Availability of ICT Tools Availability of a websiteHigh downtime for office equipment. Non-availability of electronic recording equipment Inadequate & outdated ICT equipmentPotential to interlocking with all MDAs and MMDAs. Emerging technologies to facilitate conduct of internal audit functions (e. g. Audit Software) Implementation of GIFMISComputer Viruses & FraudsPoor ICT infrastructure and geographic spread of MDAs and MMDAs Frequent power outages. Legal mandate by an Act of Parliament, Act 658 Availability of conditions of serviceLack of enforcement powers. High demand by MDAs and MMDAs to get services of internal audit Legislation in areas such as labour, compensation an d health and safety Non-transmittal of IAA Annual Report to Parliament Inability to enforce quest of liable public service staff Inadequate authority to enforce implementation of audit recommendationsStrategic Implications of the SWOT Analysis model of the Internal Audit Agency The Internal Audit Agencys SWOT Analysis model was done to be able assist the AGENCY ACHIEVE ITS OBJECTIVES . it is legally mandated to achieve its Now the strategies of the agency were drawn out the swoty analysis done the agency drew all its strengths The strategies of the IAA have been formulated to assist the organisation achieve its mission and vision. These strategies have been designed taking awareness of the objectives defined for the Agency in Act 658.The SWOT analyses undertaken by the IAA adequately scan the Agencys environment and have appropriately ascribed both external and internal environmental issues. The Agencys SWOT model has captured detailed internal and external environmental issues wh ich would place the Agency in a proper position to adequately pursue and achieve its goal and objectives with minimal adversity and a swell prepared system as it has anticipated all the positive and negative internal and external issues which could independently support or derail its efforts towards achieving its objectives.However, the Agencys SWOT model is highly subjective as these strengths, weaknesses, opportunities and threats are based massively on the perceptions of the staff undertaking the exercise. The methods of identifying these environmental issues are not scientific as the Agency failed to provide any basis to that effect in their strategic plan for 2011- 2015. determination SWOT analysis is a powerful tool for the systematic analysis of internal and external environments of an organization. It aid in effectively identifying problems and drawing lines of future actions to eliminate or ameliorate these problems.