What are the key differences between audits and assessments?

What are the key differences between audits and assessments?

Audits are systematic evaluations of financial records or compliance, while assessments are broader evaluations of performance or risk.

Can you give me examples of each?

Sure! An audit might involve reviewing a company's financial statements, while an assessment could evaluate employee performance or organizational risks.

Which one is more important for a business?

Both are important but serve different purposes. Audits ensure compliance and accuracy, while assessments help improve processes and identify risks.

How often should a business conduct audits and assessments?

Audits are typically conducted annually, while assessments can be done more frequently, depending on the organization's needs and risks.