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A. Final audit.B. Interim audit.C. Balance sheet audit.D. Income statement audit.
E. Non of these.
b
audit for an intermediate period
audit carried out at specified intervals within the year
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 six 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
B
The Auditor’s Interim Review Report
Form and Content of the Auditor’s Interim Review Report
. The auditor shall issue an auditor’s interim review report, in either oral or written form, to
communicate the nature and extent of the auditor’s involvement with the entity’s interim financial
statements and the results of the interim review.
. The auditor’s interim review report, whether written or oral, shall include the following:
(a) An addressee (normally the audit committee);
(b) Identification of the interim financial statements reviewed;
(c) A statement that the interim financial statements are the responsibility of the entity's
management;
(d) A statement that the review of the interim financial statements was performed in accordance
with Canadian generally accepted standards for a review of interim financial statements by an
entity's auditor, and that such an interim review consists principally of applying analytical
procedures to financial data and making inquiries of persons responsible for financial and
accounting matters;
(e) A statement that an interim review is substantially less in scope than an audit, whose objective
is an expression of opinion regarding the financial statements, and that accordingly, no such
opinion is expressed;
(f) A statement that an interim review does not provide assurance that the auditor would become
aware of any or all significant matters affecting the interim financial statements that might be
identified in an audit;
(g) A statement about whether the auditor is aware of any material modification that needs to be
made for the interim financial statements to be in accordance with the applicable financial
reporting framework;
(h) A statement restricting the use of the report to the addressee for its assistance in reviewing
the interim financial statements;
(i) The date of the report; and
(j) The name of the auditor.
Written Consent to the Inclusion of the Auditor’s Interim Review Report in a Public Document
. An auditor shall not issue a written consent to the inclusion of the auditor’s interim review report
in a public document, unless the written consent is required, pursuant to securities legislation, to
the use of the auditor’s interim review report on financial statements included in a prospectus.
If the auditor concludes that any material modification is necessary for the interim financial
statements to be in accordance with the applicable financial reporting framework, the auditor
shall express:
(a) A qualified conclusion, when the auditor concludes that the effects of the matter(s) giving rise
to the modification are material, but not pervasive to the interim financial statements; or
(b) An adverse conclusion, when the auditor concludes that the effects of the matter(s) giving rise
to the modification are both material and pervasive to the interim financial statements.
. If the auditor’s interim review report contains a modified conclusion, the report shall:
(a) Describe the nature of the departure(s) from the applicable financial reporting framework
and;
(b) If readily determinable, state the effects of the departure(s) on the interim financial
statements.
. If the auditor's interim review report contains a modified conclusion, the auditor shall issue a
written auditor’s interim review report. In addition, the auditor shall request that the written
auditor’s interim review report accompany the interim financial statements, unless the matter(s)
giving rise to the modification is a result of an exemption permitted by securities regulations.
Comparative Figures and Additional Information in the Auditor’s Interim Review Report
When comparative figures:
(a) Are based on information reported on by another auditor or public accountant; or
(b) Were neither audited nor reviewed,
the entity's auditor shall communicate such matters in the auditor’s interim review report.
. If the auditor expands the auditor’s interim review report to include information and explanations
not intended as a modified conclusion, the additional information and explanations shall follow
the negative assurance paragraph.
b
B. Interim audit.
Periodically every year or every fiscal year.
Answer is Option B
The correct answer B
(Thanks for the invitation)
answer: (C) (which has been shown already)
