A Texas CPA Audited Financial Report — Intent Form is an official document used by Certified Public Accountants (CPA's) in Texas to signify their intent to perform an audit of a business’s financial statements. This form includes details such as the company's name, address, and contact information; the CPA’s name and contact information; the purpose of the audit; the scope of the audit; and the CPA’s acceptance of the engagement. There are two types of Texas CPA Audited Financial Report — Intent Forms: the Short Form and the Full Form. The Short Form is used if the company’s financial statements are relatively straightforward and the audit is not expected to be an in-depth review. The Full Form is used when a more comprehensive audit is required. Both forms are intended to ensure that the CPA and the company are in agreement about the purpose and scope of the audit.
Texas CPA Audited Financial Report - Intent Form
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How to fill out Texas CPA Audited Financial Report - Intent Form?
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FAQ
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.
All public companies must undergo an independent audit every year. This ensures that the financial statements released by the company accurately reflect its operations.
Audited Financial Statements are reported by the company in its annual report for each year whereas unaudited financial statements are reported by the company during the whole year as per the respective period.
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.
Annual financial statements must be prepared by all entities except small proprietary companies. The annual financial statements consist of a balance sheet, a profit and loss statement and a cash flow statement.
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.
ANNUAL FINANCIAL STATEMENTS TO BE AUDITED OR INDEPENDENTLY REVIEWED. Section 30(1) provides that each year, a company must prepare Annual Financial Statements within six years after the end of its financial year.
Manual filing involves visiting your local Regional District Office (RDO) of the BIR and filing hard copies of the AFS at the BIR office.