Question

Difference between internal audit or interim audit

Answer 1

An interim audit entails preliminary audit work completed before to a client’s fiscal year-end. Interim audit tasks are completed to shorten the time it takes to perform the final audit. As a result, the customer will be able to produce its audited financial accounts sooner.

An interim audit entails a full accounting audit for a portion of the year, from the final Balance Sheet date through the end of the interim accounting period. It is easier to perform the yearly audit with the interim audit already in place.