Annual Report

[rf040234]

Are the financial statements under Annual Reports required to be audited? Under both GAAP and IFRS? (Please note this only applies to Annual Report released by the company and not the 10-ks)...

 

[mpnoonan]

i hope your joking!

 

[rf040234]

I wish I hope so. Being studied for so long, seems to forget right after the exam. The reason why I asked this question is because my colleague does not agree that all the annual reports have to be audited. But I believe they do. Not sure this will apply on the international level as well. 10-k can also be said as annual report. Disregard the 10-k vs annual report thing...

 

[mpnoonan]

No worries, Just messing around. The Annual report is always audited. Both US GAAP and IFRS.

 

[wake2000]

10-K audited, 10-Q, unaudited.

 

[rf040234]

how about private international companies?

 

[mpnoonan]

annual reports must be audited annually. quarterly reports are unaudited. it would be too expensive to audit every quarter

 

[rf040234]

agreed. how abt international private comps?

 

[sa.86]

Private companies don't have a requirement to use US GAAP or IFRS. However, most choose to do so.

 

[ZeroBonus]

a US company does not need to be audited on both US GAAP and IFRS.

 

[Super I]

Forget domestic vs international, and look at it this way.

Audited financials provide info to investors, owners, creditors etc. The extent that these people need financial info they can rely on determines if a company gets audited.

To raise capital (be public) assume that in all countries the exchanges and gov't regulatory bodies will require an audit, as well as other extra required info and disclosures.

For private company's it depends on the needs of the users. If you need credit lines you'll likely be audited. If you have a large diverse ownership base (ie family owned) you may also need it to satisfy those owners, etc.



Edited 1 time(s). Last edit at Wednesday, December 17, 2008 at 01:18PM by Super I.