Question

what do you mean by internal audit? explain the difference between internal audit and interim audit​

Answer 1

Internal audit reporting includes a formal report and may include a preliminary or memo-style interim report. An interim report typically includes sensitive or significant results the auditor thinks the board of directors needs to know right away.

Answer 2

Answer:

internal audit

Internal audits evaluate a company's internal controls, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection

difference between internal audit and interim audit​

interim audit is a part of external audit where an auditor commences audit before the year end. This is to reduce work pressure at finalisation stage. So for a company having an year end in December, auditor may commence work in September to reduce work pressure at year end. Note that this is different from a half yearly review which would be a separate engagement.

Internal audit is carried out by the company itself. The internal audit department of the company carries out internal audit activities to ensure effective running of the company.

Internal audit and external audits are similar however there are some key differences. External audit is focused on the financial statements and whether there are any material misstatements thereon. Whereas, Internal audit is focused on the internal controls of the company and whether there are any deficiencies in the company’s internal control systems. External auditors also consider internal controls but its not their main focus.

Explanation: i hope it helps

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