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Certified Financial Statements

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Certified financial statements

Audited Statement
A financial statement that an auditor has prepared according to the Generally Accepted Auditing Principles (GAAP). Audited statements are subject to more rigorous standards than unaudited statements and, as such, are less prone to errors. An audited statement should not be confused with an auditor's opinion.


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The new reality is that companies must choose between certified financial statements and confidential and privileged tax advice.
In the original 85-count indictment brought by the Department of Justice is the prosecution's allegation that Scrushy personally certified financial statements filed with the SEC that he knew to be false.
For purposes of this rule, the technical corrections will probably indicate that a restatement of previously filed and certified financial statements that occurs after June 30, 2003 does not alter the statement's status as having been filed and certified before July 1, 2003.
 
 
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