välitimenoaudito

Välitimenoaudito is a Finnish term that translates to "intermediate audit" or "interim audit" in English. It refers to an audit conducted during an accounting period, rather than at its conclusion. Unlike a year-end audit, which examines the financial statements for the entire fiscal year, a välitimenoaudito provides an independent review of financial records and internal controls at a specific point within that period.

The primary purpose of a välitimenoaudito is to offer assurance on the accuracy and completeness of financial information as it is being generated, rather than waiting until the end of the reporting cycle. This can help identify and correct errors or irregularities early on, potentially preventing larger issues from developing. It can also assess the effectiveness of internal control systems in real-time.

Companies may opt for a välitimenoaudito for various reasons. It can be a requirement by lenders or investors who need to monitor financial performance periodically. It can also be a tool for management to gain insights into the company's financial health and operational efficiency during the year. Furthermore, it can assist in preparing for the year-end audit by ensuring that records are well-maintained and readily available. The scope and timing of a välitimenoaudito are typically agreed upon by the auditor and the client.