Exploring the Intersection of Auditing and Interim Financial Reporting for Governmental and Not-for-Profit Entities in USA: Potentials for Internal Auditors

Abstract

The Governmental Accounting Standards Board’s Codification Section 2900-Interim Financial Reporting provides guidance for interim financial information for governmental entities. With a growing need for transparency and real-time financial insights, the role of internal auditors in reviewing and enhancing the reliability of interim reports becomes increasingly significant. This article explores the intersection of auditing and interim financial reports. It highlights existing guidance, emerging opportunities, and challenges for internal auditors and proposes a framework for integrating internal audit functions into the interim reporting process to enhance governance, risk management, and compliance.