Thursday, June 4, 2020

What is an Audit? Discuss types of System Audit | QSQTECH.COM

Audit

Hello friends, 
Today, We'll discuss on Audits. Hopefully, you'll understand this topic.
First of all, thanks for visiting.
Now, below topics that are covering today.
  • INTRODUCTION 
  • TYPES OF SYSTEM AUDIT. 
Audit

INTRODUCTION: 

The word 'Audit' comes from the latin word 'Audire' means to 'Hear'. 
Today, we'll discuss on systematic audit. 
By the way, there are a lot of audits inside the organization as well. For example- Process audit, Product audit, Layered audit and dock audit etc. 

Definition: 

it is a systematic approach in which independent auditor examine the documented process to evaluate and determine the audit evidence that the process is fulfilled their audit criteria. 

Auditor: 

The person who conduct audit is called auditor. 

TYPES OF SYSTEM AUDIT: 

There are three types of system audit. 
  1. First Party Audit 
  2. Second Party Audit 
  3. Third Party Audit. 

1. First Party Audit: 

It is also known as internal audit.
These are conducted by the organization or on its own for management reviews and other internal purposes.
An annual schedule is created for system audit. In this, each function is audited base on frequency. These frequencies can be dynamic.
Frequency of audit shall be dynamic in nature.

2. Second Party Audit: 

It is an audit conducted by customer on its supplier. They have business relationship.

Relationship between customer and supplier.

3. Third Party Audit: 

It is an audit conducted by an external agency for the purpose of certification.
They do not have any business relationship.

You will understand this hopefully.
Thank you.

Some of related questions that helps to increase your basic knowledge and you would like to understand.

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