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Interim audit is the preliminary review done by external auditors in preparation for the final audit. Interim audit is usually done months before the Company's year end and aimed to lessen year-end adjustments and workload during the final audit. Interim audit is also used for first time client to gain understanding of their business and internal controls. Interim audit helps external auditors to establish the detail of the audit they need to do performed during the final audit.
interim audit is conducted after 3 or four months mostly done by the company internal auditors
while final audit is conducted after the end of financial year.
final audit are mostly done by the external auditors.
but its compulsory it may be done by internal auditors.
main difference is time between interim audit and final audit.
