Internal Control is a policy, procedure, set of rules, designed and implemented by management so as to obtain reasonable assurance regarding achievement of entity’s objective, to safeguard assets and protect from any chance of fraud or error. Its objective is operational efficiency and effectiveness for reliable financial reporting. An Interim Period Audit means audit for the work carried out before financial year end. Interim Period is any period less than 1 fiscal year. It helps in quick detection of frauds and error if any and helps management to improve those parts which are not properly accounted for. During an interim period, after knowing about the entity and its environment, and checking whether internal control is effective or not other test of controls and compliance procedures are performed. To explain: Controls to be checked during Interim Period.

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Chapter 7, Problem 7.23MCQ

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Introduction:Internal Control is a policy, procedure, set of rules, designed and implemented by management so as to obtain reasonable assurance regarding achievement of entity’s objective, to safeguard assets and protect from any chance of fraud or error. Its objective is operational efficiency and effectiveness for reliable financial reporting. An Interim Period Audit means audit for the work carried out before financial year end.

Interim Period is any period less than 1 fiscal year.

It helps in quick detection of frauds and error if any and helps management to improve those parts which are not properly accounted for.

During an interim period, after knowing about the entity and its environment, and checking whether internal control is effective or not other test of controls and compliance procedures are performed.

To explain: Controls to be checked during Interim Period.

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