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All public companies must undergo an independent audit every year. This ensures that the financial statements released by the company accurately reflect its operations.

Independent review All companies that are not required to have audited financial statements must have their financial statements independently reviewed (with the exception of companies where all the shareholders are also directors and therefore are not required to obtain an audit or a review).

Audited financial statements are those that have been reviewed and verified as accurate by a Certified Public Accountant (CPA). Any company may require audited statements for internal use or to present to external stakeholders. The company prepares the financial statements and presents them to a CPA for assessment.

Key Takeaways. A certified financial statement has been audited for accuracy by an independent accountant. A compiled statement may provide investors with useful information but it has not been audited. The quarterly and annual reports issued by public companies are certified financial statements.

Lenders require an audit of financial statements if a business wants a loan. This is to protect them and verify the figures within the financial statements are accurate.

The deadline for filing AFS will depend on when your company's registered financial year is. Typically, corporations whose fiscal dates other than December 31 should file their AFS within 120 calendar days from the end of its fiscal year.

Small businesses are usually exempt from financial audits, small business criteria are based on either financial criteria (total assets and sales) or organizational structure such as being a sole proprietorship, limited liability company, partnership, or not-for-profit organization.

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An auditor issues an audit opinion letter after completing the audit process, and it is included with the audited financial statements. A change in fiscal year requires transition period financial statements.Audited financial statements for the most recent fiscal year of the acquired business must be included. The Comprehensive Annual Financial Report is the audited financial statement for the County's prior fiscal year. The Introductory section orients and guides the reader through the report. Miami-Dade County Comprehensive Annual Financial Reports cover the fiscal year ending September 30th, pursuant to Florida state law. The State Controller's Office in the Department of Administration publishes the Annual Comprehensive Financial Report (ACFR) for each state fiscal year. The Annual Comprehensive Financial Report is the summarization of the City's financial activity for the previous fiscal year. The Annual Comprehensive Financial Report, (ACFR), is a summary of the County's fiscal affairs. This report includes the audited financial statements for Louisville Metro Government and its departments and agencies for the fiscal year ending June 30th.

Audited FY Financial Statement

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Do financial statements need to be audited?

Do annual financial statements need to be audited?

What qualifies as an audited financial statement?

What is the difference between a financial statement and an audited financial statement?

Who needs to have financial statements audited?

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