0
In the FIAR audit process. Which document lists the agencies that are required to prepare annual financial statements?
Wiki User
∙ 9y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Is audit required?
A Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. Therefore, audit of financial statements is not required. However, tax audit may be required for a Partnership firm if the turnover exceeds prescribed limits.
What two company officers are required to certify the financial statements?
CE and CF
Companies that are listed on a stock exchange are required to submit their financial statements to the?
sec
Companies that are listed on stock exchange are required to submit their financial statements to the?
sec
Why companies consolidate their subsidiaries for financial reporting purposes?
Subsidiary companies are also part of group of companies so parent company is required to show the financial statements of group as a whole so that's why consolidated financial statements are prepared
How do you get audited financial statements for hospital?
If it is a publicly held entity they should post the financial statements on their website or provide a copy if you request one. (They are required to provide them.) If it is a privately held entity then you have to ask very politely and have a valid reason as to why you would need them. (They are NOT required to provide them.)
Is depreciation schedule required to be disclosed in the notes to financial statements?
Yes depreciation schedule is required to disclose for the better understanding for the reader of the books of accounts.
When is the income statement prepare?
Usually at the end of the financial period. It depends on the regulations of the country as well. In Singapore, companies are required to submit financial statements quarterly.
Does GAAP require comparative financial statements?
profit public companies dealing in the money markets required to provide Comparative balance sheet,profit and loss , cashflow statements.
Under what circumstances do financial reviews have legal force?
Publicly owned companies are required to file quarterly financial statements and the company's external public auditor is required to perform a review at the end of the first three quarters
Should quarterly financial statement be audited?
In the US, there is no law requiring that quarterly financial statements be audited.Financial statement audits are extremely expensive and time-consuming, so there should be some compelling reason for a company to have its financial statements audited.For the typical US company, the expense of having its financial statements audited is probably not worth any benefit it might receive as a result of the audit, and for US nonpubliccompanies, audits are not required by law. An outsider such as a bank might want to see audited financial statements from a prospective borrower, but even then, audits are so expensive that this would be relatively rare. The company might need another loan just to pay for the audit!However, publicly owned companies (companies that sell shares of stock to the general public), howver, are required by law to have an annual audit of their financial statements by an independent CPA. This is to help protect the public.However, not even publicly owned companies are required to have their quarterly financial statements audited. Only their annual financial statements must be audited.Although public companies must submit quarterly financial report information to the SEC, the first three quarters' financial statements need only be "reviewed" by an independent CPA. A review involves limited testing procedures that are much less in-depth and time-consuming (and expensive) than audit procedures, and this permits the company to submit its financial information to the SEC on a timely basis. However, the fourth quarter report submitted by a public company must include audited financial statements for the entire year.
Why is it important to prepare the financial statements prior to the closing activities?
It'd be far better to end-up with the current transactions and the related financial details while starting over the new one. And with that, the financial statements would do so the needed in order the tax returns, payroll information, etc is vivid for the business to submit whenever required. This would be the reason for preparing the statements.
