An interim audit reduces the burden of year-end fieldwork and allows problems to be identified and corrected before the reporting date. Assessing internal controls, reviewing significant contracts and testing transactions during the period can be done at this stage.
Appointing the auditor at the start of the period is the most important condition for planning an interim audit.
Related terms
Independent auditReasonable assurance provided by an independent auditor on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.Tests of controlsProcedures performed to evaluate whether an entity's internal controls operate effectively in preventing, or detecting and correcting, material misstatements.Inventory count observationThe auditor attending the entity's year-end physical count to verify the existence and condition of inventories.Adverse opinionThe opinion in which the auditor states that the financial statements are not presented fairly, where misstatements are both material and pervasive.Agreed-upon proceduresAn engagement in which the practitioner performs procedures agreed with the entity and, where relevant, a third party, and reports only the findings without providing assurance.Analytical proceduresThe evaluation of financial information through analysis of plausible relationships among financial and non-financial data.
Last updated: October 22, 2026 · This definition is for general information only.