auditing and external control mechanisms
Auditing refers to the systematic examination and evaluation of an organization's financial records, processes, and operations to ensure accuracy, reliability, and compliance with regulations. External control mechanisms, on the other hand, are policies, procedures, or regulations established by external entities such as government agencies or industry bodies to monitor and oversee an organization's activities, ensuring they adhere to legal and ethical standards. These mechanisms are put in place to provide transparency, accountability, and confidence to stakeholders and the public.
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