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Its the audit that takes place in the middle of the year. Its a common practice for companies to have an interim audit for many reasons. For example, having an interim audit will help the year end audit to finish earlier as less evidence will be collected.
Department of Agriculture
Forestry and Fisheries
Any audit happens before during the last years annual audit and next current year annual audit.
It may takes following form:
Internal Audit
Statutory Audit
Compliance Audit
Operational Audit
All the Government organization, there is their internal reuirement to conduct internal and works audit during the financial years
Example: National Highway Authority in Pakistan.
It is not necessary that only public listed company do this. The requirement changes from company to company as per their policy and nature of risk involved in their function. Higher the risk factor higher the need of interim audit.
Interim Audit is a term used for audit of company finanncial statement for leass than one financial year or12 months period. Normally Interim Audit is performed on half yearly basis. Though listed companies prepare and publish interim financial statements on quarterly basis, normally these accounts are un-audited.
Interim Audit is normally performed in public companies listed on stock exchange. Interim audit is alos known as Review.
I agree with the answer Abrar professor and Distinguished Professors
INTERIM AUDIT is an audit conducted during the fiscal year usually as a means of minimizing the work and time involved in concluding the audit after the fiscal year. A corporation might have an interim audit covering the first nine months of the fiscal year so that at the end of the fiscal year most of the auditing will focus on the last three months of the fiscal year thus allowing for a comprehensive audit and early completion of the audit reports. An interim audit does not usually yield any formal reports from the external auditors
Limited Partnership in Shares and Limited Liability
I would just like to add that apart from financial audits there is another type of audits that is done by the client in a bpo. Based on the audit the client could decide whether the cotract is to be extended or not. It is very bad time for emploees in the BPO as any answer by an emploee not liked by the client could cost his /her job. Some take casual leaves when the audit takes place.
The examination, monitoring and analysis of activities related to a company's operation, including its business structure, employee behavior. An internal audit is designed to review what a company is doing in order to identify potential threats to the organization's health and profitability, and to make suggestions for mitigating the risk associated with those threats in order to minimize costs.
Moter Industry Manufecturing and Dealership
Reetail Industry
Manufecturing Industry
I agree with MR DIVESH PATEL answer
& MR ABRAR AHMED
Interim audit here in Philippines usually practice by almost of the firm in the country . This is to minimizing the work load of accounting people at the after fiscal year . A firm or a corporation must have an interim audit covering the8 or9 months of the fiscal year so that at the end of the fiscal year, audit personnel will focus on the4or3 months (remaining) of the fiscal year to ensure that ,at the end of the year they can accomplist audit report early with a good and comprehensive result. Remember- interim audit used only in internal process of the firm and does not yield any formal report to the external auditor.
Interim audit is conducted before the Actual audit, coverinng12 months of financial transactions. It is conducted in Government, Semi Govt and Public Sector Undertakings (PSU) eg. Banks, LIC and Stock Exchange of India.
