Final answer:
An interim date is when audit evidence is collected before the balance sheet date to spread the workload of auditing practices. It is used to assess and test controls and transactions up to that point in time.
Step-by-step explanation:
A date at which audit evidence is collected earlier than the balance sheet date is referred to as an interim date. This practice is commonly used in auditing when auditors perform some procedures at dates before the year-end to spread the workload. By choosing an interim date, auditors assess control environments, test controls and perform substantive procedures on transactions that have occurred up to that point.