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You may be asked to furnish financial statements prepared by a CPA. The request usually comes from a bank, leasing company or large vendor.

You will be asked to provide a full, or partial, set of financial statements. And, you will be requested to obtain a certain level of attestation.

Financial Statements

  • Income Statement – Summarizes revenues and expenses
  • Balance Sheet – Summarizes assets, liabilities and equity
  • Statement of Cash Flows – Summarizes sources and uses of cash
  • Aged Receivables – Summarized by customer and grouped by age
  • Aged Payables – Summarized by vendor and grouped by age

Levels of Attestation

  • Compilation – The most common level. Requires the least amount of work and expense
  • Review – Requires additional testing of the information, which adds to the work and expense
  • Audited – The highest level of assurance available. Requires substantial work and expense.

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