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Bankers insist the prospective business borrowers to submit auditeed financial statement with a loan application. An audited financial statement by a CPA provides the highest level of assurance that the financial statements of a business are free from any material misstatement and clear from any fraud risks.
A company's financial statement should be audited by an independent and qualified CPA to reassure banks, suppliers, and potential investors that the company is financially sound and creditworthy.
CPA or certified public accountant is a professional license given to qualified accountants. CPA must meet education, work, and examinatin requirements before being certified. A CPA holder can hold various position both in public and corporate accounting.
An audited financial statement provides more value for a company. After audited a company, the CPA will offer opinios related to the statements. A company's financial statement might not be prepared according to accepted standards. The CPA will help to highlight these issues on his/her opinion.
An audited financial statement helps a company to put its investors and lenders at ease. An audited financial statement shows that a company's books are accurate. An audited financial statement shows thata a company is financially sound and following good business practices. A company with audited financial statement also secured lower rates.
Having an audit can help a company to detect any deficiency in internal control that could potentially lead to fraud. An audited financial statement may help a company to reduce the taxes. A company with audited financial statements is more attractive to a potential buyer and brings higher price.
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