Interim Audit

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    bingopriests
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    Is an Interim Audit an example of an Review Engagement? Cheers


    Avatar of gromit
    gromit
    Keymaster
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    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.


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    ika91
    Member
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    how does the level of assurance differ for interim audit and final audit ??


    Avatar of gromit
    gromit
    Keymaster
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    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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