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What stages of audit process come after the audit plan?
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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 difference between plan and act?
a plan is how your going to do somthing and an act is doing it
What is the difference between audit and due diligence?
usually audit is limited to financial analysis but due diligence is not only analysis of financial statments but also business plan ,sustainablity of business,future aspects ,corporate and management structure,legal issues etc the audit gives us positive assurence that is true and fair view whereas due diligence gives us negative assurence i.e identify the risk if any , audit is of recurring nature but due diligence is occasinal event
What happens after an audit is done?
It depends on the focus or intent of the audit. Typically, management retires to develop a plan to implement recommended changes and corrrect shortcomings, then commences operations on that plan.
