| Nature of difference |
Interim Audit |
Final Audit |
| 1. Object |
The object of interim audit is to ascertain and check the profit or loss for a given period. |
In final audit the book of accounts are examined by the auditor whether they shown true picture or not at the end of year. |
| 2. Period |
In interim audit accounting records are examined up to a certain date. |
In final audit auditor attends only at the end of the financial year. |
| 3. Scope |
In interim audit a detailed and extensive checking of book of accounts is not done. |
In final audit the work is not done in so much detail. |
| 4. Trial balance |
In interim audit the trial balance must be prepared and checked at the time of such audit. |
In final audit the trial balance must be prepared. |
| 5. Verification |
In interim audit the verification is undertaken at the time of such audit. |
In final audit the verification is undertaken at the close of the financial year. |
| 6. Report |
In case of interim audit the auditor report is submitted at the time of such audit. |
In case of final audit report is submitted at the end of his work. |
| 7. Application |
Interim audit is employed where the interim results are required. |
Final audit is applicable where business is small and owner themselves manages the work. |
| 8. Cost audit |
Interim audit is less expensive as compared to continuous but more expensive as compare to final audit. |
In final audit less time is consumed by the auditor for audit work. Therefore, it is least expensive as compare to final audit. |
| 9. Qualification |
In case of interim audit the auditor must be a chartered accountant. |
In case of final audit the auditor must be a chartered accountant. |
| 10. Status |
Interim audit is done by an independent and professional auditor. |
Final audit is done by an independent and professional auditor. |
| 11. Responsibility |
In the interim audit auditor is responsible to shareholders. |
Auditor is responsible to the shareholder. |
