Final Audit

Final Audit

Final audit is also called as the “Balance sheet audit” or the “Periodical audit”. Final audit is started when the books of accounts closed at the end of the year. It is the most satisfactory form of audit from the point of view of an auditor. In this audit there is cent percent checking of the accounts. In case if the business has an effective and proper internal control system. Then the audit sampling is possible.
Characteristics
The following are the main essentials or features or characteristics of the final audit.

• In one session an auditor make only one visit.
• This type of audit can be conducted on both the large and small type of business.
• It is conducted when the accounting period ended.
• In this audit the auditor can do test checking.
• Auditor report is a prerequisite.
• It is conducted to report to shareholders.
• The audit is completed on a short period.