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Title: The interim audit in Maltese listed companies
Authors: Camilleri, Elvia
Keywords: Chief financial officers -- Malta
Auditing -- Malta
Accounting firms -- Malta
Issue Date: 2017
Abstract: PURPOSE: This study intends to identify the motives behind the performance of interim audits within Maltese listed companies, and the work involved during this audit phase. Additionally, the study aims to evaluate the benefits and limitations experienced by auditors and their clients, whilst providing an insight regarding the expectation of the significance of interim audits in the future. DESIGN: In pursuit of the study’s objectives, semi-structured interviews were conducted with twelve audit partners representing audit firms, and fourteen Chief Financial Officers from Maltese listed companies. FINDINGS: As emerged from this study, interim audits are mainly conducted in order to anticipate final audit work and identify errors at an earlier stage. Accordingly, interim audits are carried out for audit clients that are large in size and have a strong internal control function. Generally, interim audit work involves tests of controls along with certain substantive procedures. Such testing is mainly focused on income statement items although some balance sheet work may also be performed. In this view, conducting interim audits proved to be highly beneficial to both auditors and their clients especially in respect to reporting timeliness. On the other hand, minor limitations have been identified in relation to the restrict amount of work which can be performed during this phase. Ultimately, despite the presence of other auditing methods, the study anticipates that the use of interim audits will continue to increase in the future. CONCLUSIONS: The study concludes that interim audits are considered extremely important by audit firms as well as listed companies. Considering the various benefits that are reaped from such methodology, if performed effectively, in comparison to the few potential limitations which may arise, the use of interim audits is expected to gain importance and popularity in the future. VALUE: This study is expected to highlight the importance of conducting interim audits and their relevance to listed companies. Additionally, it is hoped that recommendations put forward by this study would enhance the process of interim audits for the benefit of audit firms and their clients.
Description: M.ACCTY.
Appears in Collections:Dissertations - FacEma - 2017
Dissertations - FacEMAAcc - 2017

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