Final audit means when the audit is done after the close of financial year or when the final accounts are prepared. The audit is completed in one continuous session.
Disadvantages of Final Audit
- The easy and quick discovery of errors is not possible in final audit.
- The accounts are also not presented very quickly.
- The accounts staff of the client is not kept regular during the year because they know the auditors will visit after closure of financial year.
- There is not moral check on the staff of the client
Advantages of Final Audit
- Less danger of manipulation of figures after they have been checked.
- Auditor need not maintain a big establishment for this purpose.
- Preparation of time table for audit for the audit staff is made easy.
- Wastage of time is avoided in case of final audit.
