Effects of controlling function of business management on independent external auditing

Firms facing the threat of global competition, to achieve their pre-determined goals, to obtain their pre-determined profits and to adapt to new environments have to implement necessary changes that scientific rules set and must use pre-tested proven management techniques.Shift from industrial societies, towards knowledge economies, forced firms to drastically change in areas of value generation. Investors no longer suffice with basic financial positioning and financial indicators on the contrary, strongly demand additional vital information. The core reason for such an inquiry is to guarantee long lasting survival of ventures.To establish enterprise control systems via the use of control mechanism data, one has to determine what to control from the early stages. The mission of the venture and its link towards the value of its assets and to the sources of acquiring the assets is the key factor to be focused on. In this respect internal and external control mechanisms helps to develop a better understanding on internal and external audit units. Empowering internal audit which is a function of existing internal control mechanism enables independent external audit companies to process in a shorter time period, less costly and more efficiently in maintaining the desired outcomes.Key Words: Business, Management, Internal Control, Internal Auditing, Independent Auditing.