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Chapter: 11th Auditing : Chapter 2 and 3 : Classifications of Audit

Differences Between Continuous Audit and Interim Audit

Auditing : Classifications of Audit : Differences Between Continuous Audit and Interim Audit

Differences Between Continuous Audit and Interim Audit

 


 

Continuous  Audit Vs Interim Audit

 

1. Objective

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.

 

2. Duration of Audit

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.

 

3. Preparation of Trial Balance

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.

 

4. Verification of assets and liabilities

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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11th Auditing : Chapter 2 and 3 : Classifications of Audit : Differences Between Continuous Audit and Interim Audit |


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