What is the term for a process of reviewing or checking business practices?

The term "audit" specifically refers to a formal examination of an organization's accounts, practices, and compliance with regulatory standards. This process is designed to assess the effectiveness and efficiency of the business practices and ensure that they meet established criteria and regulations. Audits can occur in various areas, including financial audits, compliance audits, and operational audits. The findings help businesses improve their processes, identify areas of risk, and ensure accountability and transparency, which are essential for maintaining trust with stakeholders.

In contrast, the other choices describe similar but distinct processes. "Review" is a more general term that involves examining something, but it may not have the formalized structure or regulatory requirements of an audit. "Assessment" typically refers to evaluating something in a broader sense, often including performance evaluations rather than concentrating solely on compliance with established practices. "Inspection" usually implies a thorough examination or scrutiny, often focusing on physical conditions or operational status rather than the detailed analysis an audit provides. Thus, the specificity and formal nature of an audit make it the correct choice in this context.