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When Do You Need to Obtain an Audit?

 
  Mark S. Becker, Partner, CFO Edge, LLC  
   
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  Article Summary  
Small and medium-sized businesses frequently don’t have audits of their financial statements done unless potential investors or lenders require them.

But as needs evolve and opportunities arise – as with a lending request or investor pitch – not having audited financials can present significant challenges.

For example, a lender or investor may require that financials comply with generally accepted accounting principles (GAAP).

If a company hasn’t historically used professional accounting resources, extensive and costly revisions may be needed to make financial statements GAAP-compliant.

Well-versed in lender and investor expectations, an outsourced CFO services professional helps to bring financials up to GAAP standards and prepare for an audit.

Having audited financials benefits Los Angeles and Southern California business leaders in areas that include a greater inclination for lenders and investors to view financial presentations favorably and limiting of legal exposure based on financial statements being GAAP-compliant.

  Open as PDF Open the entire article as a downloadable PDF (No form completion is requested.)  
     
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