Gathering Information (Edexcel A-Level Business): Flashcards
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Practise the cards
10 cards from this deck
Two main types of audit for gathering business info
Two main types of audit for gathering business info
Internal and external
What does an internal audit examine?
What does an internal audit examine?
Business's own operations from within
What does internal audit identify?
What does internal audit identify?
Strengths and weaknesses
What does internal audit focus on?
What does internal audit focus on?
Factors within the business's control
5 areas covered by internal audits
5 areas covered by internal audits
Products, finance, production, organisation, human resources
What does an external audit examine?
What does an external audit examine?
Environment business operates in
What does external audit identify?
What does external audit identify?
Opportunities and threats
Control level of external audit factors
Control level of external audit factors
Little or no control
3 key areas of external audit
3 key areas of external audit
Market, competition, PESTLE factors
What does PESTLE stand for?
What does PESTLE stand for?
Political, Economic, Social, Technological, Legal, Environmental