Final Audit
A 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.
Advantages of Final Audit
1.The auditor can do test checking in the Final audit
2. It is conducted to report to shareholders.
3. This type of audit can be conducted on both the small and large types of business.
4. Auditor report is a prerequisite.
5. Final audit is completed on a short period.
6. In one session an auditor make only one visit.
7. Final audit is conducted when the accounting period ended.
Disadvantages of Final Audit
1. Final audit is more expensive as it required more staff.
2. In the Final audit it is not possible to check each and every transaction.
3. Final audit takes more time to complete the audit in case of large concern and it is more effective in case of small concern.
4. A major disadvantage of the final audit is that report may be submitted one or two months late and the report is not presented in time.
5. It is very difficult for the auditor to check each and every entry made in the books of account.
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