Is an Interim Audit an example of an Review Engagement? Cheers
No. Ordinary audits of the FS are usually divided into two parts. Interim audit (say Aug, Sept, where tests of control are carried out, then the final audit (say Jan/Feb) after the FS have been produced and when most substantive tests are carried out.
A review engagement gives much less assurance (negative assurance) than normal audits.
how does the level of assurance differ for interim audit and final audit ??
There is no audit report after the interim audit – only (usually) a letter setting out weaknesses in internal control that had been identified. Assurance is given only after the final audit has been completed. That’s when the audit report is issued.
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