ACC Consulting‘s excellent audit team has made things clearer by explaining what an interim audit is and how it might help, as well as its potential drawbacks.
An interim audit is an audit that is performed before the end of a client’s fiscal year and covers the preceding six to nine months. Interim auditing often entails conducting tests of controls and occasionally doing specific substantive processes. While the balance sheet may also be examined, the income statement is the primary focus of this type of assessment.
In other cases, such as with smaller clients and certain audit strategies, an interim audit may not be necessary. For one thing, the auditor would only need a certain amount of time at the end of the year to complete all audit procedures. It follows that larger audit clients with a robust internal control mechanism are common candidates for interim audits. In addition to being mandated by local regulators, clients may occasionally seek such an audit.
Main Objective of Interim Audit ?
- Early identification of potential misstatements or deficiencies, if any
- Reduce the audit testing at the final period
- Facilitates the companies to issue annual reports faster to their stakeholders
- Audit team will have enough time to cover the testing and thereby resulting in the high-quality audits
Why and How Interim Audits Are Conducted ?
- Due to the substantial reduction in work required at year’s end for the final audit that results from conducting interim audits, the auditors and their clients benefit greatly, especially in terms of timely reporting.
- Year-End effective and efficient performance of audit due to availability of more time.
- Allows the audit team to spend less time at the final audit phase.
- Now is a great moment to learn about the client’s business, pinpoint potential trouble spots, and formulate an audit strategy. This also aids in seeing potential dangers early on and implementing preventative steps as soon as possible.
Is ACC Consulting Worth It ?
Both internal and external audits conducted by ACC Consulting’s team of expert auditors are guaranteed to comply with Thailand law. Get in touch with us right now to find out more about the services we offer.