AA syllabus
Interim v Final Audit 10 / 13
| Interim Audit | Final Audit | |
|---|---|---|
| Timing | Before year end | At or after year end |
| Required | No | Yes |
| Procedures | Primarily tests of controls with some substantive procedures when risk is low and evidence is available. | Primarily substantive procedures or, when appropriate or necessary, a combination of substantive procedures and tests of controls. |
| Basis for audit opinion | Only when combined with evidence gathered during the final audit. | Evidence gathered during the final audit can be used as the basis for the audit opinion, even when no interim procedures have been performed. |