GDP measures the monetary value of final goods and servicesâthat is, those that are bought by the final userâproduced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.
Product audit â An examination of a particular product or service (hardware, processed material, software) to evaluate whether it conforms to requirements (that is, specifications, performance standards, and customer requirements). Process audit â A verification that processes are working within established limits.
They must be objective, impartial, independent, and competent. ISO 19011 distinguishes between internal and external auditors.Internal auditors perform first party audits while external auditorsperform second and third party audits. Audit client An audit client is any person or organization that requests an audit. Internal audit clients can be either the auditee or auditprogram manager whereas external audit clients can include regulators or customers or any other parties that have a legal or contractual right or obligation to carry out an audit.