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 an external audit, which focuses on determining whether financial statements conform to generally accepted accounting principles, an internal audit focuses on uncovering internal control weaknesses and evidence of fraud, waste or abuse. Internal audit procedures and techniques are essential to effective risk-management implementation.