A lot of organisations have just the one end of year audit when it may be beneficial to have an interim audit.

The interim audit should not just be done in isolation as it should link in with the end of year audit.  For example, there may have been issues identified at the previous end of year audit that need to be addressed in the current year.

As a treasurer the interim audit provides  confirmation that the changes have been implemented.

Another benefit of an interim audit is that it can assist with the completion of the end of year audit as the first 6 months of the year can be reviewed.  In addition, if there are concerns or problems then they can be addressed quicker than if you had waited until the end of the year.

An interim audit can also be a good idea if there has been a recent turnover of financial management staff, committee of management members or if you have been recently appointed as a treasurer. 

Having the auditors come in and do an interim audit can be more about your peace of mind, knowing that the financial management, controls, process and procedures are in order.

An interim audit can also be important for checking other elements of the operations of the business that are not practical to include as part of the end of year audit. 

For example, this could include the review and compliance of funding submissions and that the funds have been used in accordance with the funding guidelines.  Furthermore, if you have a contracts register then that can be checked to ensure it is up to date and accurate as well as whether any contracts are about to expire.  This may relate to maintenance contracts, external contractors such as cleaners, registrations details for vehicles or insurance coverage are just some examples.

These are just some issues that can be addressed as part of an interim audit but discuss with your auditor to determine if the interim audit is suitable for your organisation.