Usually done at the end of the year on the financial statements i.e. the balance sheet and the profit and loss account. A final audit can be conducted in two ways;
As a continuation of the interim audit for large to medium size organisations;
For small organisations the audit could be carried out in one single session after the end of the financial period.
After examining the end year financial statements the auditor then forms his opinion as to whether the financial statements show a true and fair view and reports this to the shareholders.