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internal audit
an analysis of the business itself and how it operates → identifies strengths and weaknesses
swot areas included
HR, products (costs, quality and development), finance, production, internal organisation
external audit
analysis of the environment in which the business operates in → market, competition, PESTLE C
SWOT
Strengths → positive aspects of the business
weaknesses → negative aspects of the business
opportunities → external audit shows what is available to boost the business
costs → external audit shows what threats could attack the business
