Management audits are triangulation exercises. They aim to present a clear report about the actual impact of your management processes (explicit or not) in the light of your stated objectives.
Unlike the 'audits of old', modern management audits are very much concerned with assessing risk and looking at the future. They look at the past to assess the future.
Modern audits also integrate the wider context in order to identify likely risk.
The report presents a clear judgement on the gap between the capacity of the existing management systems and their desired functionality. This report is supported by an evidence base to ensure that judgements are not biased.
Be aware that a management audit does not necessarily ensure compliance with regulations. An audit report can highlight that your Health and Safety procedures are effective. It does not mean that you would pass a H&S inspection. If you also want the audit to focus on compliance, make sure it is in specced up early.