Unusual or complex situations that may have an effect on the interim financial statements
(there is a helpful appendix of examples).
8, if an accountant submits financial statements
to a client that are not expected to be used by a third party, the following communication options are available:
Based on the facts presented, E&Y's unqualified audit opinions on Wal-Mart's financial statements
Corporations that are not publicly traded but retain certified public accountants to prepare their financial statements
(whether audited or unaudited) could have their financial statements
electronically formatted (presumably by their CPAs) in accordance with SEC (and IRS) specifications.
Private companies provide financial statements
to external stakeholders to raise capital, obtain credit, qualify to bid on contracts and obtain licenses.
Turley explains, "A classic example would be, if during the financial statement
audit, the auditor detected material errors for which adjustments have to be made, and the company records its adjustment to make the financial statements
Implementing XBRL and creating XBRL-tagged financial statements
will require additional work by CFOs and finance department personnel to get the system up and running and get preparers trained on XBRL.
Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements
, users of those statements, and members of the academic community.
The normal materiality evaluation process is to review each item individually and then all items in the aggregate based on the working materiality levels for each company to determine whether to adjust the financial statements
Armed with a better understanding of the business and financial reporting process, audit committees can ask more insightful questions about the financial statements
30 deadline for the filing of its 2005 audited financial statements
RESOLVED: That the AICPA accounting and review services committee is hereby designated to promulgate standards under rules 201 and 202 with respect to unaudited financial statements
or other unaudited financial information of an entity is not required to file financial statements
with a regulatory agency in connection with the sale or trading of its securities in a public market.