The general definition of an audit is an evaluation of a person, organization, s ystem, process, enterprise, project or product. The term most commonly refers to audits in accounting, but similar concepts also exist in project management, qu ality management, and energy conservation. the increasing number of regulations and need for operational transparency, orga nizations are adopting risk-based audits that can cover multiple regulations and standards from a single audit event.[citation needed] This is a very new but ne cessary approach in some sectors to ensure that all the necessary governance req uirements can be met without duplicating effort from both audit and audit hostin g resources