Difference between Continuous and Interim audit

Distinguish, differentiate, compare and explain what is the difference between Continuous and Interim audit. Comparison and Differences.

Difference between Continuous and Interim audit

1. A continuous audit or a detailed audit as it is sometimes called is an audit which involves a detailed examination of the of account at regular intervals of say one month or three months. Some writers opine that an audit which is called in between two annual audits with a view to find out interim profit to enable the company to declare an interim dividend should be called an interim audit.

2. The continuous audit is carried on up to any date according to the convenience of the auditor and his client. An interim audit is up to a definite date according to the instructions of the client.

3. In the continuous audit, the verification of assets and liabilities is done after the balance sheet has been prepared at the end of the accounting period. In an interim audit, the assets and liabilities are verified when such an audit is conducted.

4. In the Continuous audit, no trial balance is prepared through the totals of certain accounts may be noted. In an interim audit, the trial balance has to be prepared or checked.


Difference between Interim audit vs Continuous

Continuous vs Interim audit

Differences between Interim audit vs Continuous

Image Credits: Freepik

Spreading Knowledge Across the World

USA - United States of America  Canada  United Kingdom  Australia  New Zealand  South America  Brazil  Portugal  Netherland  South Africa  Ethiopia  Zambia  Singapore  Malaysia  India  China  UAE - Saudi Arabia  Qatar  Oman  Kuwait  Bahrain  Dubai  Israil  England  Scotland  Norway  Ireland  Denmark  France  Spain  Poland  and  many more....