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.
Unlike External Audit whose main responsibility is to review the financial accounts, Internal Audit is concerned with all aspects of the University's operations including strategic planning, people management, collaborations with other organisations, , use of utilities, selection of suppliers, finance and many others.