Question

Periodical audit is also called as ....​

Answer 1

Answer:

it is also called as final audit or balance sheet audit.

Answer 2

A Periodical audit is otherwise called a Complete audit or an Annual audit or a Final audit or a Financial audit.

What is a periodical audit and why it is called so?

• A periodical audit is an audit when all the financial, trading, profit and loss, and balance sheet is completed.
• This audit is conducted when a financial year is completed and after all the accounts are balanced.
• Periodical audit is much suitable for small or micro business concerns as they handle only minimum transactions.