Strategic Implications of a Swot Analysis

Name Nana Kesewaa Dankwa Index name-PGDBA/PM/022/0912 EVALUATE THE STRATEGIC IMPLICATIONS OF THE SWOT ANALYSIS MODEL OF AN organic law OF YOUR CHOICE. Introduction Strength, Weaknesses, Opportunities and Threats (SWOT) abbreviation is an important device for examine and psychoanalysis of the overall strategic position of an giving medication and its environment. It aims to elicit tactics which will apply an governing specific operational model that will best reorient an organizations resources and capabilities to the requirements of the environment in which the firm operates (www. anagementstudyguide. com). Therefore, for any organisation to survive and achieve its mandate, it needs to strategically and competently undertake a SWOT analysis of its environment to fashion out activities which will alter it result and achieve its relegating and vision. The knowledgeable scrutinize Agency The organisation selected for this assignment is the subjective Audit Agency (IAA). The IAA was established by the Internal Audit Agency Act 2003 (Act 658).The Agencys mission is to exercise oversight responsibility over native audit figure in the public service by setting standards, providing quality say-so and supporting capacity building for good corporate governance, coreive guess management and controls through highly skilled and motivated workforce. Its vision is to be a Centre of Excellence in Africa in promoting best practices in congenital auditing. The strategies adopted by the Agency to achieve its set objectives imply 1.Effectively promoting upcountry audit practice in Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and District Assemblies (MMDAs) 2. change magnitude 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 Analysis Model of the Internal Audit Agency StrengthsWeaknessesOpportunitiesThreats pleasant relationship between Board, management and staveConducive work environment Approved system of rules of ServiceLow morale of rung due to improper platement Support of the disposal Legal backing for IAA work Independent Judiciary penny-pinching relationship with central management agencies (CMAs)Lack of continuous political commitment poach of internal audit skills by other institutions. High quality of staff (competence and qualifications) Proactive Leadership Supportive Board Youthful and energetic staff Cordial working relationship Good corporate image short(p) training for staffInadequate side accommodation Inadequate Staff numbers Govt committed to developing internal audit function Appreciable number of qualified personnel gettable in Ghana Goodwill of suppliers and service providers International recognition availability of curricula for training internal auditors in tertiary institutions. Poaching of key staff fr om IAA Publicity on negative activities by staff of Internal Audit Units (IAUs) The perception that corrupt practices are normal Misconception of the role of IAUs.INTRANET facilitates confabulation within IAA INTERNET facilitates communication of IAA with the external humankind approachability of ICT Tools Availability of a websiteHigh downtime for office equipment. Non-availability of electronic recording equipment Inadequate & outdated ICT equipmentPotential to Network 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 geographical spread of MDAs and MMDAs common 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 and health and prophylactic Non -transmittal of IAA Annual Report to Parliament Inability to enforce pursuit 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 get 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 retain been conjecture to assist the organisation achieve its mission and vision. These strategies have been designed taking cognisance 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 which would place the Agency in a proper position to adequately pursue and achieve its goal and objectives with minimal adversity and a well wide-awake system as it has anticipated all the positive and negative internal and external issues which could respectively 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 ground 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. Conclusion SWOT analysis is a powerful tool for the systematic analysis of internal and external environments of an organization. It assist in effectively identifying problems and drawing lines of future actions to eliminate or repair these problems.