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An inventory audit is an accounting procedure designed to keep track of a company's products and merchandise. Inventory is a current supply count of company owned products. Numbers produced during inventory counts are closely evaluated by the auditor during the audit phase.
A quality audit is a process by which you review and evaluate an element of your business to ensure that you're meeting certain standards. The standards varyâyou can set them or you can follow standards set by your industry. A quality audit can apply to various aspects of a business, but a few types stand out. You can perform a quality audit of your inventory or service to assure that it's acceptable for consumption by the public. This is particularly important in the case of a product or service that could pose a threat to public safety.