Final answer:
In strategic management, the board of directors, auditing firm, and outside investors are critical for corporate governance, oversight, and providing financial capital based on a company's financial information.
Step-by-step explanation:
As a company undertakes strategic management, three groups that should be involved include: the board of directors, the auditing firm, and outside investors. The board of directors, elected by the shareholders, provides the first line of oversight for top executives, ensuring that the company's management is acting in the best interests of the shareholders. The auditing firm plays a critical role by reviewing the company's financial records to certify their accuracy and reasonableness. Meanwhile, outside investors, particularly large shareholders such as mutual funds or pension fund managers, contribute to governance by holding the company accountable and investing financial capital in the firm, based on the information available about the company's operations.
In the case of Lehman Brothers, these groups' corporate governance failed to provide accurate financial information, highlighting the importance of their roles in strategic management.