Top 8 Reasons Our Clients Request CPA Prepared Financial Statements

June 16, 2015 By Dustin Wood

financial-statementOur clients request that we prepare compiled, reviewed, or audited financial statements for many different reasons. After identifying the primary reason for each of the recurring annual financial statements we prepare for our clients, the following is a list of those reasons in order of the frequency they occur:

  1. Required by lenders as part of debt covenants for a loan or line of credit.
  1. Required as part of obtaining bonding or business insurance coverage (primarily for construction companies, auto dealerships, or property management companies).
  1. Required by regulation (such as the Department of Labor for pension plan audits).
  1. Internal use by management, owners, and investors.
  1. Desire to have a history of financial statements for potential sale of a business in the future.
  1. Required by grantors, donors, and State and Federal agencies (nonprofit organizations).
  1. Required for contractor licensing by the State of Idaho and State of Nevada.
  1. Required by bylaws or governing documents of a company or nonprofit organization.

Please contact us to obtain more information regarding financial statement preparation services or if you need a price quote for services to be performed.

Dustin Wood

Dustin Wood

Dustin is currently a manager over our audit department and works in the Logan office. He specializes in compilations, reviews, and audits of financial statements, and in the preparation of payroll tax reports and nonprofit information returns.

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