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Discuss five advantages of an interim audit.

Discuss five advantages of an interim audit.

Answers


Kavungya
- Compared to a continuous audit it is cheaper.
- It facilitates the final audit because some of the audit procedures will have been carried
out before the final audit.
- The auditor will be able to meet the set deadlines as he will reduce some work when
conducting the interim audit, work which would otherwise be pushed to the year end,
- The auditor obtains a good understanding of the client. As a result the auditor will be able
to identify the critical audit areas.
- Errors and frauds are prevented and detected at an early stage compared to final audits.
- It facilitates payment of interim dividends.
Kavungya answered the question on May 14, 2019 at 11:51

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