Understanding the Purpose of an Audit

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Description
Virtual Practice Lab
Practice Test
Understanding the Purpose of an Audit

This lesson covers audits. Audits occur when issues that are not in compliance with company policy are discovered. This lesson discusses the three types of audits:

  • Internal audits and assessments (also called self-assessments)
  • External
  • Independent

Some audits are geared toward products (e.g. toys with toxic paint) and some are geared towards processes (e.g., business impact analysis). This lesson emphasizes the importance of the fiduciary relationship, which means acting in the best interest of another person and placing fairness ahead of your own interests.

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