Question

Point out the difference between internal audit and interim audit

Answer 1

Internal auditors are company employees, while external auditors work for an outside audit firm.Internal auditors are hired by the company, while external auditors are appointed by a shareholder vote.Internal auditors do not have to be CPAs, while a CPA must direct the activities of the external auditors.Internal auditors are responsible to management, while external auditors are responsible to the shareholders.Internal auditors can issue their findings in any type of report format, while external auditors must use specific formats for their audit opinions and management letters.Internal audit reports are used by management, while external audit reports are used by stakeholders, such as investors, creditors, and lenders.Internal auditors can be used to provide advice and other consulting assistance to employees, while external auditors are constrained from supporting an audit client too closely.Internal auditors will examine issues related to company business practices and risks, while external auditors  examine the financial records and issue an opinion regarding the financial statements of the company.Internal audits are conducted throughout the year, while external auditors conduct a single annual audit. If a client is publicly-held, external auditors will also provide reviewservices three times per year.

Answer 2

Difference between internal audit and interim audit

Explanation:

Internal audit- Audit which is conducted on a regular basis by some internal staff to ensure that all the financial and operational activities are conducted systematically is called internal audit. The main purpose of internal audit is to improve organizational operations.

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 dividend can be declared.

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Difference between interim and continuous audit

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