Unaudited Statement

unaudited statement

A financial statement prepared by an auditor but not in accordance with generally accepted auditing standards. Unaudited statements are prepared to less rigorous standards than audited statements. Compare audited statement.

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Unaudited Statement

A financial statement that 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. Unaudited statements are subject to less rigorous standards than audited statements and, as such, are more prone to errors.