Question 1b
Examiners Report

Part (b) for 5 marks required candidates to explain the difference between an interim and final audit. This question was answered well by candidates.

Many demonstrated an understanding of when each audit visit would be carried out in relation to the client’s year end and the different areas that would be focused on during each visit such as testing of controls at interim and substantive procedures at final.

A minority of candidates incorrectly suggested that planning procedures would be undertaken at the interim audit and that they were undertaken by internal auditors.

Also a significant minority confused this requirement with a comparison of internal and external audit roles. Candidates must remember to read the question carefully and think and plan before writing to ensure that they answer the question asked.

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