Audited Financial Statements Lorton, VA
Audited financial statements are financial statements that bear the report of independent auditors attesting to the financial statements’ fairness and compliance with generally accepted accounting principles.
The primary reason for financial statement audits is to add credibility to the financial position and performance of your small business.
Some statements that may need a financial audit include:
- Balance Sheet: Your balance sheet is a statement of your assets, liabilities, and capital of your business that details the balance of income and expenditure at a specific point in time. Your auditor would verify accuracy of your figures, as well as the existence of assets and liabilities of your business.
- Cash Flow Statement: Your statement of cash flows is a financial statement that measures cash generated or used by a company at any given period. Your auditor would compare the entries in your cash flow statement to the bank statement to determine accuracy and validity.
- Income Statement: Your income statement displays your company’s financial results for a period of time, displaying your revenue, costs, expenses, and gross profit. Your auditor would verify the accuracy of your business’s transactions by comparing the cash book and the individual books of your accounts.
Public companies are obligated by law to ensure that their financial statements are audited by a registered CPA. Gilliland and Associates can provide an audit to your financial statements in Lorton, VA.
Call (703) 448 – 9121 to discuss your business and individual accounting requirements.