Page 213 - AAA Integrated Workbook STUDENT S18-J19

Review of interim financial information

Interim financial information

1.1 Definition

Interim financial information: a complete or condensed set of
financial statements for a period shorter than a financial year.

The interim report usually contains a summarised statement of profit or
loss for the first six months of the financial year as well as certain
statement of financial position information and notes.

1.2 Purpose and objective

In many countries, listed companies are required to publish a half-yearly interim
report. This provides investors and other users with updated information on the
company’s operations.

‘The objective of an engagement to review interim financial information is to enable
the auditor to express a conclusion whether, on the basis of the review, anything has
come to the auditor’s attention that causes the auditor to believe that the interim
financial information is not prepared, in all material respects, in accordance with an
applicable financial reporting framework.’

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