Has your bank or another creditor asked you for a set of audited financial statements? Ever wonder why?
When you contract a CPA to audit your statements, the CPA firm tests for proper accounting practice. They also test to make sure all of the transactions are recorded. Then they issue a letter, which is an attestation, which says whether your current practices are in line with GAAP.
To find out more about financial statement objective, read Objectives of a Financial Statement Audit.
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