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Differences Between Continuous Audit and Interim Audit
Continuous Audit: The main object is to detect errors and frauds.
Interim Audit: The main object is to determine the profit or loss for the purpose of declaration of dividend to shareholders.
Continuous Audit: Audit is conducted up to any date according to the convenience of the auditor and his clients.
Interim Audit: Audit work is done up to a definite date according to the instructions of the client.
Continuous Audit: Trial balance is not prepared but the totals of certain accounts are noted.
Interim Audit: Trial Balance must be prepared at the end of the period.
Continuous Audit: Assets and liabilities are verified after the preparation of the balance sheet at the end of the accounting year.
Interim Audit: Assets and liabilities are verified when the audit work is conducted.
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