Advantages Of Interim Audit
1. Interim audit is good where the publication of the interim figure is necessary.
2. Then final audit can be completed very soon, if there has been an interim audit.
3. Errors and frauds can be detected more quickly during the final audit.
4. There is moral check on the staff of the client as the accounts are checked, say after three or six months in the interim audit.
Disadvantages Of Interim Audit
1. Figures may be altered in the accounts which have already been audited.
2. It will mean that the audit staff will have to prepare notes when they finish the interim audit.
3. Interim audit is an additional work because final audit must be conducted after conducting this audit too.