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Good morning Sir,
Pls sir I hardly hear about interim audit but only final audit.Is interim audit a statutory requirement and when is it likely to be conducted?
Because i heard that in some country’s financial institutions that their internal audit department conduct interim & final audit but external auditors do only one audit in a year(i.e final audit), is this proper?Tnx
An interim audit is not a statutory requirement – it may be done on large audits in order to reduce the extent of the work necessary on the final audit.
Internal audit departments for large organisations don’t really carry out audits in the same sense that external auditors conduct audits. The work of the internal auditor is similar to that of the external auditor in that a lot of checking and confirmation work is carried out but, other than that, their roles are radically different (it’s all in the free course notes)
Is that better?
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