What is the difference between audit and appraisal?

An audit is a systematic examination of financial records and processes to ensure accuracy, compliance with regulations, and to assess the effectiveness of internal controls. In contrast, an appraisal is an evaluation of the value or worth of an asset, property, or business, often conducted for purposes such as sales, taxation, or investment decisions. While audits focus on financial integrity and compliance, appraisals concentrate on determining value.