Inspection is generally done by a Government body like FDA ,EMEA,etc so the fines for deviations are tough.
Audits are generally done by private bodies:
Internal audit will be by the QA department on a project, its completion, its documentation etc if they conform to their own company standards .
External audit is by another company’s qa department who wants to buy a product from your company and they want to see how it was made, project activities, supporting documentation etc.
Hope that helps.