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.

  1. Work carried out during an interim audit usually include;

  2. Obtaining an understanding of the nature of the client’s business;

  3. 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.

  4. Ascertaining, recording and testing the clients accounting and internal control system.

  5. Concluding on the level of reliance to be placed on the internal control system.

  6. Plan and design the substantive procedures to be carried out during the final audit;

  7. Reporting to management on any significant weaknesses identified in the internal control system.