What do you mean by internal audit? How it is differ from interim audit?
Answers
Answer:
An interim audit is done usually three months before the year end due to time constraints. The auditors would attempt to perform some test of controls (Compliance tests), analytical procedures, and some limited substantive tests. These will enable then to better design audit procedures so that the audit is done efficiently and effectively. At the final audit the auditor would have known with some assurances the high risks areas identified during the interim audit. This will significantly reduce audit risk to an acceptably low level
Explanation:
Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization's operations. ... Internal auditing achieves this by providing insight and recommendations based on analyses and assessments of data and business processes.