What is the difference between internal audit and interim audit?
Internal audit is the name of department who performs the audit while interim audit is the audit which other than statutary audit and it is perform during the fiscal year and it is performed to help the final audit procedures which is done after the completion of fiscal year. ...
What is the advantage of interim audit?
An interim audit helps the auditor to be a step ahead for the final year end audit. It also helps smoothen out the company's financial reporting process through a review of the reporting process twice a year. ...
Asked in Internet
What are the advantages and disadvantages of Interim Audit?
It facilitates early completion of the annual audit. It helps in quick detection and rectification of errors and frauds. It excercises an effective moral check on the staff of the enterprise. It is helpful where interim figures are to be published. ...
Asked in Business Accounting and Bookkeeping
Meaning of private audit?
when the audit is not a statutory requirement , but is conducted at the desire of owners , such an audit is private audit . the audit is conducted primarily forr their own interest. At times the private audit may become a requirement under tax laws , if the turnover exceeds a specified limit. private audit is of the following types : 1 audit of sole proprietorship 2 ,, ,, partnership firms 3 ,, ,, individuals accounts 4 ,, ,, institutions not covered by...
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done. ...
What is the meaning of financial statement level risk?
Financial statement level risks are risks of materials misstatement of the financial statements. These are the same for both audit of financial statements and audit of internal control. ...
Asked in Business & Finance, Tax Audits
What is the process of preparing an audit?
The process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit? ...
Asked in Auditioning, The Difference Between
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit? ...