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What is the difference between Audit and Inspection?
Dear Friends, I would like to answer the question as below: Inspection is an observation. Inspection is to examine closely any equipment or facility. It may be formal(with a plan and a check-list) or informal.Examples: 1. Inspection of a Fire Tender with a checklist for its operability, worthiness of its fire water pump , fire monitor etc.2. Inspection of the tank shell for finding any deformity, thinning etc. Audit is a process of evaluation and to measure performances that is based on Standards & Guidelines, identifies the compliance & non-compliance based on Standards and is neutral. There are three types of audit namely: 1) Legal Compliance Audit 2) Internal Standards Audit 3) System Audit Audit is the verification of a Process, a System or a Procedure. Examples:1. Audit of Firewater pump house. 2. Audit of a Process Plant 3. Audit of Quality Control Laboratory. Here the systems and processes are verified with respect to a documented procedure. Thus the audit of a quality control laboratory will involve the verification of the existence of the quality control procedure, sampling procedure, reporting procedure etc. Learn more about the difference between a home inspection and energy audit by visiting: http://jimbushart.wordpress.com/2012/06/14/difference-between-the-home-inspection-and-the-energy-audit/
What is the procedure designed to safeguard a company's assets and ensure efficient and appropriate account data?
An audit trail helps find accounting problems.
Difference between audit plan and audit program?
an audit program may contain several audit plans
What is the process of preparing an audit?
The process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit?
What are the advantages in having an audit committee?
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
