An Interim audit is a type of audit that is conducted during the fiscal year, between the start and end of the fiscal year. It is usually conducted to assess the effectiveness of the internal controls and financial reporting procedures that are in place in the company. The interim audit can also help identify any potential issues or weaknesses in these procedures that need to be addressed before the end of the fiscal year.

Interim audits are especially important for companies that operate in industries where financial reporting is critical, such as banking and finance, insurance, and healthcare. These companies are required to provide regular financial statements to regulatory bodies and shareholders, and an interim audit can help ensure that these statements are accurate and reliable.

In summary, an interim audit is a type of audit that is conducted during the fiscal year to assess the effectiveness of a company's internal controls and financial reporting procedures. It is an important tool for ensuring the accuracy and reliability of financial statements and is especially important for companies in industries where financial reporting is critical.