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Large audits are usually split into two phases. Close to the end of the year interim audits consisting of transaction testing and system assessment work
Large audits are usually split into two phases. Close to the end of the year interim audits consisting of transaction testing and system assessment work are carried out. The final audit takes place after the year end and this involves testing of items of statement of financial position and the balance of the work.
Required: (a). Identify FOUR key benefits that may arise as a result of spreading the audit work across interim audit and final audit.
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