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Hello Sir,
I am so grateful to you for your last day’s reply.
Sir what is the difference between ‘Interim audits’ and ‘Concurrent audits’?
I suppose they are same but not so confident.
No, not the same at all
Interim audits are carried out for large clients around (say) 10 months into the current year so that, 2 months after the year end there’s only 2 months’ worth of activities to look at closely
Concurrent audits … probably the best way I can explain this is to liken a concurrent audit to a real-time exercise. It’s auditing (almost) simultaneously with the transactions happening.
Auditing activities as those activities are taking place
There’s probably a time delay in practice – say one week. The idea is to spot irregularities at an early stage to minimise chances of loss through fraud or other irregularity
OK?
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