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Neil Rischall - ArticlesNeil Rischall is the CPA behind the CPABookkeepers site which has a wealth of information about audited financial statements as well as all services provided by a Certified Public Accountant.
What are Reviewed Financial Statements?All organizations, whether private, public, or non-profit, need to prepare financial statements on their performance to provide fiscal accountability and accuracy to their stakeholders and people with an interest in the company. Reviewed financial statements provides limited assurance that the financial statements are free of material misstatements or false/missing information and are found to be accurate, complete and fairly presented to meet the requirements of the US GAAP. What are Compiled Financial Statements?All organizations, whether private, public, or non-profit, need to prepare financial statements on their performance to provide fiscal accountability and accuracy to their stakeholders and people with an interest in the company. In compiled financial statements, which offer the lowest level of assurance, the organization, not the accountant, is responsible for the accuracy and completeness of the financial statements. Public Company Accounting Oversight Board Registered FirmsAll accounting firms, in the US and foreign, that provide audited financial statements for public companies registered with the SEC (Securities and Exchange Commission) must be registered with the Public Company Accounting Oversight Board (PCAOB), sometimes referred to as Peekaboo. The PCAOB is a private-sector, nonprofit corporation that was created by the Sarbanes-Oxley Act of 2002 which is under the jurisdiction of the SEC. Public Company Accounting Oversight Board Registered Certified Public Accountant FirmsAll Certified Public Accountant (CPA) firms, in the US and foreign, that provide audited financial statements for public companies registered with the SEC (Securities and Exchange Commission) must be registered with the Public Company Accounting Oversight Board (PCAOB), sometimes referred to as Peekaboo. The PCAOB is a private-sector, nonprofit corporation that was created by the Sarbanes-Oxley Act of 2002 which is under the jurisdiction of the SEC. Public Company Accounting Oversight Board Registered Certified Public AccountantsAll Certified Public Accountants (CPA’s), in the US and foreign, that provides audited financial statements for public companies registered with the SEC (Securities and Exchange Commission) must be registered with the Public Company Accounting Oversight Board (PCAOB), sometimes referred to as Peekaboo. The PCAOB is a private-sector, nonprofit corporation that was created by the Sarbanes-Oxley Act of 2002 which is under the jurisdiction of the SEC. Public Company Accounting Oversight Board Registered AuditorsAll auditors, accounting firms and CPA’s in the US and foreign, that provide audited financial statements for public companies registered with the SEC (Securities and Exchange Commission) must be registered with the Public Company Accounting Oversight Board (PCAOB), sometimes referred to as Peekaboo. The PCAOB is a private-sector, nonprofit corporation that was created by the Sarbanes-Oxley Act of 2002 which is under the jurisdiction of the SEC. Public Company Accounting Oversight Board Registered AccountantsAll accountants, in the US and foreign, that provides audited financial statements for public companies registered with the SEC (Securities and Exchange Commission) must be registered with the Public Company Accounting Oversight Board (PCAOB), sometimes referred to as Peekaboo. The PCAOB is a private-sector, nonprofit corporation that was created by the Sarbanes-Oxley Act of 2002 which is under the jurisdiction of the SEC. Who Needs Audited Financial Statements?Audited financial statements, which have been prepared by an independent Certified Public Accountant (CPA), are used to provide financial credibility, accountability and accuracy for a business. All businesses, whether privately held, publicly owned, or nonprofit need to prepare statements on their financial performance. These financial statements help provide a basis for various business decisions to be made within and regarding a company. Who Can Prepare Audited Financial Statements?Only a Certified Public Accountant (CPA) can prepare audited financial statements on behalf of a business or non-profit organization. An accountant usually majors in accounting in college. In order to become a Certified Public Accountant, the accountant needs to work for an accounting firm for a few years, acquire five hundred hours of auditing time, and pass a test from the American Institute of Certified Public Accountants as well as from their state. Three Steps to Audited Financial StatementsThere are three easy steps to obtain an audited financial statement for your company. First, contact an independent Certified Pubic Accountant (CPA). The CPA will then advise you on how to prepare for an orderly and efficient audit. Second, collect the information requested by the CPA and submit it to them. Lastly, review your audited financial statements, contact your CPA if you have any questions regarding the audit, and then submit the audited financial statements to your stakeholders.
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