Differentiate between Continuous Audit and Interim Audit.

Difference between Continuous Audit and Interim Audit are.

Continuous Audit.

• Work of audit is carried on for the whole of the financial year according to the convenience of the auditor.
• The main object of continuous audit is to find and detect trends and errors.
• Continuous audits causes inconvenience to the staff during the course of audit.
• In continuous audit the auditor is appointed by the owners/shareholders.
• Continuous audit is expensive as compared to interim audit.
• The auditor reports at the close of the financial year when audit is complete.

Interim Audit.

• Work of interim audit is done for a part of the year therefor the last balance sheet to the interim accounting period.
• The main object of interim audit is to facilitate payment of interim dividend or for same other particular purpose. Interim audit does not cause such inconvenience
• In case of interim audit he auditor is appointed by the management.
• It is less expensive as compared to continuous audit.
• Audit report is submitted by the auditor at the close of the audit.