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i was looking for the same answer.... so9 here it goes..

A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of an entity. The opinion is intended to provide reasonable assurance that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework (the GAAS requirements)

AND

An unaudited financial statement is that which an auditor has prepared, but not according to the Generally Accepted Auditing Standards (GAAS). Auditors preparing unaudited statements are required to issue a disclaimer stating that they are not rendering opinions and that the statement does not abide by the GAAS.

hope it helped clear the difference!!

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โˆ™ 2011-10-04 11:15:31
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Q: What is difference between audited and unaudited balance sheet?
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