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.
As defined in ISO 19011 : 2011âGuidelines for auditing management systems , an audit is a â systematic , independent and documented process for obtaining audit evidence [ records , statements of fact or other information which are relevant and verifiable ] and evaluating it objectively to determine the extent to which the audit criteria [ set of ...