Question

difference between internal audit and interim audit in detail

Answer 1

Answer:

the main purpose of internal anudit is

to improve organization operation

interim audit-interim audit on the

other hand is the audit which is

conducted between two annual audits

and before the final audit interim audit

is conducted to know the interim profit

so that interim divided can be

declared

Answer 2

The internal audit is carried out by the company itself, while the interim audit is an external audit.

• The focus of the external audit is on the financial statements and whether there are any substantial misstatements.
• Whereas the internal audit focuses on the company's internal controls and whether there are any flaws with the company's internal control structures.
• External auditors often take internal controls into account but not as their primary objective.