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As far as I understand and use is that audits are formal (ISO etc.) while inspection can be down in less formal way by corporate internal resources.
Inspections are recurring completion compliance tasks with a checklist.
For example, managers will check if an equipment or process is working safety, etc.
Whereas, an audit is the formal process of assessing OVERALL compliance obligations, standards, specifications, internal policies or other criteria have been met, including that the required inspections have been done.
Audits are usually performed less frequently than inspections.
For process improvement, we use Plan-Do-Check-Act (PDCA) cycle to differentiate between audits and inspections. At a high level, inspections are a “do” and audits are a “check”.
So? what can we conclude?
My interpretation is that both Inspection and Audits are not same.
Inspection includes activities such as measuring, examining and validating whether works and deliverables meet requirements and product acceptance criteria. Inspections at time can be called reviews.
Whereas audit is structured, independent process to determine if project activities comply with organizational and project policies, processes and procedures.
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