Is there a difference between a market audit and marketing audit?

A market audit is made to discover what the total market for a product or service is out there.

A marketing audit is to find out how good or effective your marketing strategy has been.

As an example when a company that is relatively unknown sponsors an event or a football league etc they will carry out a survey of people to find out the percentage that have heard of them and what they do. After a year of sponsorship they will carry out an audit to see how effective their sponsorship has been. They will carry out the same survey as earlier and hope that the public awareness of them or their product has moved up some percentage points.

A prime example of this was the Cornhill Insurance group. After sponsoring cricket their public awareness went up from a very few percent to 80%.