Question

      ………………. Is a kind of audit is conducted

    between two annual audits
    A Internal audit Correct Answer Incorrect Answer
    B Interim audit Correct Answer Incorrect Answer
    C Continuous audit Correct Answer Incorrect Answer
    D External Audit Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Solution An interim audit is a review of a company's books of accounts that takes place between two annual audits. It's also known as a periodical audit. It involves preliminary audit work conducted prior to the financial year-end of a company, usually covering six or nine months. Conducting interim audits proves to be highly beneficial to both auditors and the company, especially reporting timeliness, given that interim audit tasks reduce significant work at year-end for the final audit.

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