Difference between continuous audit and interim audit

The difference can be judged by the following facts :

1. Fee :-

Interim audit : The fee of interim audit is low.

Continuous audit : The fee of continuous audit is high.

2. Legal Position :-

Interim audit : The interim audit is not compulsory by law.

Continuous audit : Continuous audit is compulsory by law.

3. Objectives :-

Interim audit : Interim audit checks and determines the profit or loss for the particular period.

Continuous audit : Continuous audit shows the true and fair view of the financial statement.

4. Scale Of Business :-

Interim audit : Interim audit is conducted for the both large scale and small scale business.

Continuous audit : Continuous audit is conducted only for large scale business.

5. Scope :-

Interim audit : In interim audit there is no detailed checking of accounts.

Continuous audit : In continuous audit there is a detailed checking of accounting records.

6. Verification :-

Interim audit : Verification of assets and liabilities are done when interim audit is conducted.

Continuous audit : In continuous audit it is done when balance sheet is prepared.

7. Period Of Audit :-

Interim audit : Interim audit period is upto the particular date.

Continuous audit : Continuous audit period is for one whole year.

8. Interest Of The Third Party :-

Interim audit : In case of interim audit third party has no interest.

Continuous audit : In case of continuous audit third party may be interested.

9. Trial Balance :-

Interim audit : Preparation of trial balance is compulsory in interim audit.

Continuous audit : It is not compulsory in continuous audit.

10. Report :-

Interim audit : The report of interim audit is presented at the end of the interim audit.

Continuous audit : Continuous audit report is presented at the end of the accounting period.