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.
Audit Procedures and Objectives. The main objective of an internal audit is to assess and, when necessary, improve the effectiveness of internal business controls, risk-management plans and overall business processes. Audit procedures typically start by assessing current processes and procedures.