This is an audit carried out within the financial year, normally after six to nine months after the start of the financial period. The auditor carries out some audit while leaving the bulk of the work to be audited in a final audit.
The results of audit tests carried out during the interim audit form part of final audit, since they will be subjected to further tests at the final audit stage.
- It has often been said that the auditors‘ report is the formal result of all his efforts. This being the case, it is very important that the reader well understands the meaning of the Audit Report, particularly where the auditor wishes to qualify his opinion on the financial statements; b) Explain how the international standards on auditing attempt to ensure that the report of the auditors is clearly understood