Make difference between final and continuous audit.

| **Aspect**          | **Final Audit**                                                                 | **Continuous Audit**                                                                 |
|----------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
| **Definition**       | Conducted at the end of the accounting period to verify financial statements.   | Conducted periodically throughout the accounting period to monitor transactions.     |
| **Timing**           | Performed once a year, after the financial year ends.                          | Performed continuously or at regular intervals during the year.                      |
| **Purpose**          | Ensures accuracy and reliability of financial statements for stakeholders.      | Detects errors, fraud, or irregularities early, ensuring timely corrections.        |
| **Scope**            | Covers the entire financial period and all transactions.                        | Focuses on specific transactions, accounts, or processes at different times.        |
| **Frequency**        | Conducted annually.                                                             | Conducted multiple times during the year.                                            |
| **Flexibility**      | Rigid in terms of timing and coverage.                                          | Flexible, allowing auditors to focus on high-risk areas as needed.                  |
| **Cost**             | Generally higher due to comprehensive coverage.                                  | Lower, as work is spread out over the year.                                          |
| **Detection of Errors** | Errors detected may have already impacted financial statements.               | Errors are detected and corrected promptly, reducing financial risks.              |