What is the process that involves a systematic evaluation of activities against established standards called?

The process that involves a systematic evaluation of activities against established standards is known as an audit. An audit is a comprehensive examination of an organization's financial statements, operations, or compliance with regulations, which aims to provide an objective assessment of whether the practices and results align with the designated benchmarks or standards.

The audit process typically follows established procedures and guidelines, ensuring consistency and accuracy in evaluation. It utilizes techniques such as sampling, analysis of evidence, and assessments of internal controls to arrive at conclusions about performance and adherence to set criteria.

While assessment, inspection, and review are related terms, they do not encompass the full scope of a systematic evaluation that an audit provides. An assessment could be a more general appraisal without the rigor required in an audit, an inspection often refers to a check of physical conditions or quality, and a review may imply a more informal or less thorough examination than that conducted during an audit. Thus, an audit specifically refers to the structured and systematic evaluation process that aligns with established standards.