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with reference to marine surveys

2006-09-02 19:58:39 · 3 answers · asked by Biswadeep B 1 in Business & Finance Corporations

3 answers

An audit involves a close examination of everything. An inspection is much less intrusive.
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2006-09-02 20:16:55 · answer #1 · answered by lcmcpa 7 · 0 0

An audit is a mandatory activity performed for a specific purpose .It invoves checking of data,records,performance etc for their conformance or otherwise with set or predetermined standards/parameters.It is in many cases a statutory requirement like the audit of accounts under the companies act,internal audit, or govt audit by the comptroller and auditor general of the government or for ISO or QS quality standards requirements.Again periodicity is prescribed as qurterly, half yearly or yearly as the case may be for cofirmation and determination of the requisite outcome.However, An inspection is a routine examination by a body having a supervisory role on a pre determined visit or a ritualistic one which is mostly confined to detailed examination or asessment of a specific issue.

2006-09-03 09:09:29 · answer #2 · answered by DATB 1 · 0 0

Audit is a regular process. Can be Yearly, Half yearly, Quarterly, Monthly, Weekly , Daily or Perpetual audit. Audit could be preventive or after the event. It can be either internal or external.
But, inspection is for particular purpose, to find-out, something in particular. It can be by Government Agencies, to learn about something, in particular.

2006-09-05 11:08:51 · answer #3 · answered by Anonymous · 0 0

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