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.
Each of these audit tests are testing a control or control procedure. They are therefore tests of control. These tests are not investigating the receivables balance in the SOFP. I repeat, a test of control tests controls, not amounts in the FS.