Which type of audit is considered a second party audit?

A second party audit refers to an evaluation conducted by an organization on its supplier or a company with which it has a contractual relationship. This type of audit is intended to assess the supplier’s performance and compliance with contractual or regulatory requirements.

When considering the provided options, it’s important to define what each type of audit is. An internal audit focuses on auditing an organization's own processes and systems to ensure they align with internal standards and objectives. A third party audit typically involves an independent organization performing an audit on behalf of a customer or regulatory body, often assessing compliance with standards or regulations. A product audit examines a specific product's conformity or performance, usually internally or by a third party.

In contrast, an external audit generally refers to audits conducted by parties that are independent of the organization but are not specifically tied to a supplier relationship, thus making it more aligned with third party audits.

Therefore, the classification of a second party audit aligns well with the nature of external audits, as it involves assessments that are generally carried out in conjunction with a business relationship. It is important to distinguish between these types of audits for clarity in quality management processes and compliance assessments.