Interim audit is normally performed to the part of the client financial statements. For example, six months or nice months periods. This work will help the auditor to reduce audit works at the year-end or at the final audit. Not all audit assignment requires an interim audit.
This is based on the audit strategy. however, most of the big client required an interim audit. This will make auditor get a better understanding. Sometime, client request auditors to perform interim audit because they require the interim report or they try to reduce their involvement with the auditor at the year-end.
Final Audit Test Most of the audit works are performed at the final audit test. These might include a test of internal control and substantive test. Final audit test is normally done at the agreed time frame between auditor and client.
But most of the case, it has done at the year-end because of most of the audit report required to submit to related authority in the early of next months.
At this stage, the auditor will focus only the last six months or three months period that remaining from the interim audit. The audit procedures for both audits are not different.
CAclubindia
