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.
At a high level, inspections are a âdoâ and audits are a âcheckâ. An inspection is typically something that a site is required to do by a compliance obligation. An audit is the process of checking that compliance obligations have been met, including that the required inspections have been done.