Kinds of Auditing

Continuous Auditor Running Audit 

Continuous auditor also known as running audit or detailed audit. In large-scale business it is not possible for the auditor to get the true and fair view about the business in a short time period. So for the purpose of finding the correct information the continuous audit is conducted. Continuous audit is the audit that is conducted throughout the year with the fixed or non-fixed period. 

Interim Audit 

In normal word Interim means half yearly. It is conducted usually between two annual general meetings and only one time, not in intervals. 

Final Audits or Complete Audit or Balance Sheet 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.

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.

Continuous Audit

The audit that remains continue throughout the financial year is called continuous audit.
Characteristics of Continuous Audit

* The auditor visits the business regularly. 

* It is conducted in the large business concern. 

* It is conducted through the year. * Throughout checking is possible. 

* It is an expensive audit. 

* Audit report is not prerequisite. 

* It is used to cover the deficiencies of the business. 

* Surprise visits are also possible by the auditor. 

* The manager can fix the time.