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The difference between
interim audit and final
audit?
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Answer / h.r. sreepada bhagi
Audit of books of accounts conducted during an accounting
period covering a part of the financial period is called
interim audit.
Audit conducted by the statutory auditors after the close of
the financial period with a view to prepare the financial
statements & audit report to be presented to the Board of
Directors and to be filed with statutory authorities
(Registrar of Companies, Income Tax Dept., etc.) is called
Final Audit. Final audit again need not cover the interim
audit period.
| Is This Answer Correct ? | 37 Yes | 17 No |
Answer / m umair qadri
interim audit is a type of audit which is performed before the year end the purpose is to make things clear relating to internal controls and other requirements of law that weather the company is following them or not.interim audit save time when the final audit is being conducted.
final audit is to, express an opinion on the truth and fairness of the financial statements.it involve substantive procedures and detailed audit of the accounts.
| Is This Answer Correct ? | 13 Yes | 4 No |
Answer / mithun
Interim audit is normally on testing of controls but final audit is mainly concerned on substantive procedures.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / bharathi
Interim audit is an audit of books of accounts in between
two financial years. It is not compulsory
Final audit is an audit of books of accounts for the
purpose of ascertain net profit and loss of the business.
It is compulsory.
| Is This Answer Correct ? | 7 Yes | 15 No |
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