Saturday, September 14, 2019 11:53:07 AM
Investor Publications
All About Auditors: What Investors Need to Know
June 24, 2002
Who Prepares a Company's Financial Statements?
A company's management has the responsibility for preparing the company's financial statements and related disclosures. The company's outside, independent auditor then subjects the financial statements and disclosures to an audit. During the audit, the outside auditor obtains an understanding of the company's internal controls and then applies "auditing procedures," which may include inspection of the company's books and records, observation, inquiries, and confirmations. The procedures the outside auditor uses must be sufficient to allow the auditor to obtain enough competent evidence to express an opinion on the fairness of the financial statements and whether they conform to GAAP in all material respects. If the auditor cannot reach that conclusion, then the auditor must either require the company to change the financial statements or decline to issue a standard audit report.
SMH.
PUBLISH DATE TITLE PERIOD END DATE STATUS
09/13/2019 Notification of Late Filing - Notification of Late Filing 07/31/2019 A
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