audited statements

The most reliable type of financial statements. The audit is based on information submitted by the client, and the CPA does not verify all of the information. Limits on the scope of the audit and on the CPA's responsibility are described in the opinion letter that accompanies the audited statements.
However, the value of an audited statement is that the independent CPA is responsible for testing and verifying any numbers that seem questionable or unusual as well as the most material financial information. For example, if a firm has a material amount of accounts receivable, the auditor will typically confirm at least a sample of those accounts. If a firm has a material amount of inventory, the auditor will typically perform a physical verification of that inventory. American Banker Glossary

Financial and business terms. 2012.

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