In teaching Strategic Management, it is imperative that students first learn how to audit the firm before they begin analysis, planning and implementation. Unfortunately this is a step often overlooked. Without a complete and up to date audit, any analysis conducted would have questionable validity and reliability. This report focuses on an instructional tool that faculty can utilize to guide students through a strategic audit of a company. The objective in auditing the organization is to describe the firm in terms of its current position in the industry, its strategy, structure, and performance. This paper describes the Company Profile Sheet and explains how it can be an invaluable tool for the students to understand the company under review and the strategic management concepts.