Distinguish between Interim Audit and Annual Audit.

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Solution

An audit may be conducted in various ways-continuous, annual or interim. Annual audit is the audit which is conducted at the close of the financial year, when the accounts have completed and final accounts have been prepared. Interim audit on the other hand, is an audit which is conducted in between the two annual audits with a view to find out the interim profit or loss.

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Similar questions

List-I	List-II
a) Audit work is carried on almost simultaneously with the recording audit of transactions.	1. Balancesheet audit
b) auditor starts his work when final accounts have been prepared.	2. Continuous audit
c) Audit conducted between two annual audits.	3. Interim audit
d) Some of the books and records of the whole period or specific period are audited.	4. Cost audit
	5. Partial audit

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