What is the difference between internal audit and interim audit?

Answer 1

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.

Answer 2

Difference between internal check and internal audit.

Following are the main differences between internal check system and internal audit system:

1. Way of checking â€" In internal check system work is automatically checked whereas in internal audit system work is checked specially.

2. Cost involvement â€" in internal check system checking is done when the work is being done. Mistake can be checked at an early stage in internal check system.

3. Thrust of system â€" Thrust of internal check system is to prevent the errors and whereas the thrust of internal audit system is to detect the errors and frauds.

4. Time of checking â€" In internal check system checking is done when the work is being done whereas in internal audit system work is checked after it is done. Mistakes can be checked at an early stage in internal check system.

Thus combining these two systems, the purpose of prevention and detection of errors and frauds can be achieved.

Answer 3

Concurrent audit is that which keep continuous during whole operating year while internal audit is conducted by inernal audit departments for different purpose and with different audit scope.

Answer 4

internal control is the prevents the errors. whereas an internal audit is to detect the errors and frauds.

Answer 5

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