INTERIM AUDITS
This is an audit that is usually carried out mid way through the accounting period. an interim audit usually precedes a final audit and is ideal for large to medium size companies.
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Work carried out during an interim audit usually include;
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Obtaining an understanding of the nature of the client’s business;
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Evaluating any significant changes in the clients operating environment that could have a significant impact on the client’s financial statements such as change in the management.
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Ascertaining, recording and testing the clients accounting and internal control system.
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Concluding on the level of reliance to be placed on the internal control system.
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Plan and design the substantive procedures to be carried out during the final audit;
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Reporting to management on any significant weaknesses identified in the internal control system.