Final or Completed or Periodical Audit :
A final or completed audit is commonly understood to be an audit which does not begin until the books have closed at the end of the accounting period and thereafter is carried on continuously until completed. Whether an audit ought to be conducted continuously after the close of the financial year should be decided on a consideration of the size of the business and the extent of detailed checking required.
Advantages of such an audit are :
(i) Work can be carried on till the audit is over, thus, avoiding the necessity of having to return on separate occasions to complete the work.
(ii) The possibility of figures being altered after work has been done is also avoided.
(iii) Allocation of work for staff also becomes easier.
Disadvantages of final or completed audit include may be mainly on account of delay which may occur after the end of the financial period particularly if size of the business is large; accounting periods of several clients may end on the same date, and thus difficulties may be experienced in allocating audit staff.