Answer question 1-2 and feedback for 3

1.Internal audits have become a regular part of business today. Though these take on all sorts of shapes and sizes, the intent tends to stay the same, no matter what business or industry they are being used in. 

How effective are internal audits for a business? What do you think the advantages and disadvantages are for an organization using these?

2.Through our reading we all understand the nature and role of the vision and mission in the strategic management process.  So based on these thoughts, can you provide an example of a strong vision and mission statement? Why do you think these would be effective in today's business environment?

3.It looks like your headed the right direction here. The key here is to realize their purpose in providing direction for the company and everything the company does. I find it often helps to try thinking of things a bit differently.

So, imagine you are wanting to open your own business. You sit back at night and dream of what you wish it would one day become. The dream or high level goal really is your vision for that company, the high level aspirations you want to one day reach.  

As you continue thinking about that dream or vision, you think of the different things the business should do in hopes of one day achieving that dream. Those priorities or focus areas make up your mission, providing the direction through a small selection of priorities for the business to focus on.

The combintion with the mission supporting and steering the company towards the vision are the cornerstone of the company and any strategy for it's success.