principal management

Principal Management
Name
Institution
Date

Abstract
Principle management is one amongst the best topics I have learned in this course. From the current discussions, I have learned a lot about principle management and gained new knowledge about the topic. I have become more competent and effective at work because of the new knowledge, and I can also comfortably answer the questions from the discussion as done in the rest of this paper. I’m going to talk about management audits control as my area of weakness. This is because I have seen many organizations undergo the challenges of carrying out audits accurately. Budget making and control is also discussed as part of my strength since I have experience in the same area and I have been able to perform well in it. I have also highlighted some of the goals and the solution I can undertake to correct my weakness. However, I have an area where I would want to develop, and that’s on budget control.
Principal Management
I have learned a lot about principle management from this course and gained new knowledge from the topics covered. However, I have weakness in one area that I want to grow since it’s concerned with my future career. This area is management audits control which I have learned is an essential part of an organizations management. From the discussions, I have learned that an organization uses audits to sell itself to the public especially when it requires new or more shareholders to buy its shares, or whenever new investors and stakeholders such as suppliers are needed (Kouzes & Posner, 2012).

The problem I have with this area is that I don’t know whether it’s best to use internal auditors or external ones to avoid making mistakes or even altering information in the audit report whose information can be misleading.
In future, I would like to start my audit firm to help company owners solve the problem of mistakes made in auditing especially when done by internal auditors as was the case in my current workplace. The organization almost lost some of its shareholders, but this was corrected by external auditors. On the other hand, the strengths that I have developed in both the class discussion and workplace and this is on budget making and control (Kouzes & Posner, 2012). Being a member of the team that does this at work, I have been able to successfully use knowledge gained in class to assist the team in making working budgets, and this has helped reduce misuse of finances in the company. However, I would like to develop more especially on budget control to ensure that the finances allocated are utilized effectively across all departments.
One of the goals that I believe will help me better utilize my strengths is by becoming more active in the team that I work with. Another goal is by reading more on budget control, identifying mistakes that our team makes in the process and finding a solution. I can grow in my needed area of development by studying how most of the successful organizations undertake both their external and internal audits.
Reference
Kouzes, J.M., & Posner, B.Z. (2012). The leadership challenge: How to make extraordinary things happen in organizations (5th ed.). San Francisco, CA: Jossey-Bass