Audited Financial Statements

Audited financial statements are often required for loans or to work with government entities such as the City of San Francisco or State of California. Many businesses need them, and our accountants can help.

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Accountants Who Get Audited Financial Statements

Audited financial statements can be required by your bank or other entity that might give you loan. Alternatively, the City of San Francisco, State of California, or other government entity may require them. And, if you are being acquired or making a business merger, there, again, you may need audited financials. Fortunately, our team of best-in-class CPAs can help provide them.

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Audited Financial Statements

The business itself cannot provide audited financial statements. You need an independent CPA firm to meet regulatory requirements. Fortunately, our team can work with your books and provide the necessary, fact-based audited financial statements.

More on Audited Financial Statements

Many San Francisco businesses come to us as a CPA firm that does audited financial statements. So-called “audited financials” are often needed when a company needs to do business with the City or County of San Francisco, when they need a bank loan, and/or when they are preparing for an acquisition or merger. “Audited Financial Statements” mean that our team of accountants reviews your company’s books and verified your profit and loss, balance sheet, etc., up to GAAP (Generally Accepted Accounting Principals).

We work with a wide array of San Francisco businesses, including technology firms, legal services, and even non-profits. Often, they come to us for audited financial statements, and in the process, we take over their bookkeeping, tax preparation, and even tax advisory services. While most of our clients are here in San Francisco, we also draw clients from all over the Bay Area such as Oakland, Menlo Park, Palo Alto, Atherton and other prosperous Bay Area cities.

Preparing audited financial statements can be time-consuming, expensive and extremely stressful. Our CPAs can help you navigate your financial tax audit and organize your tax documents so the process runs smoothly to completion as quickly as possible. Preparing audited financials is one aspect of a financial audit that may or may not be required.

Questions and Answers on Audited Financials

Q. Why do I need an audited financial statement?
A. The number one reason for an audited financial is if you want to do business in California either with another company or state or federal entity, you will have to show a history of well-managed and compliant financials. For instance, a company ready to grow may need a loan. To get bank approval, an audited financial will probably need to be submitted. If your business is preparing for an IPA or initial public offering, you’ll need at least three years of audited financials reviewed and approved by a professional CPA. Contractors, non-profits, individuals, and small businesses looking to contract with the County or City of San Francisco can learn more about the financial audit process on the San Francisco Office of the Controller website.

Audited Financial Statements

Q. What is the difference between audited financials vs. IRS audits?
A. The audited financial process is voluntary. It’s initiated by a person or business to prove that they are financially trustworthy. Safe Harbor CPAs are experts in producing thoroughly audited financials ready to submit to a lender, investor, or government entity.
An audit by the IRS is not voluntary. The Internal Revenue Service initiates it. If you are looking to defend against an IRS audit, visit our page on that issue.

Q. How often are financial statements audited?
A. The answer is; it depends. Publicly-traded companies may need audit financials annually. Small-to-medium-sized San Francisco Bay Area businesses could expect to do audited financials every few years to remain in good standing with a bank. Owners of a start-up business may need audited financials “at the ready” to go public, or prepare for a possible acquisition. Finally, they may be required before a San Francisco company can do business with city, state or other government entities.

Q. Why is a CPA the best choice to handle audited financials?
A. Many Bay Area companies rely on a bookkeeper or in-house accountant to manage the day-to-day financial health of their company. That’s pretty standard. When it comes to the complex details surrounding audited financial statements, it may be wise to speak to a highly trained Certified Public Accountant. Our San Francisco-based CPA team can focus on this specific task while your bookkeeper is busy with daily financial responsibilities. In addition, most external entities require an independent CPA firm to create the audited financial statements (not an in-house accountant or bookkeeper).

In the end, every situation is unique. Please contact our office to discuss your audit and audited financial needs. We will evaluate your situation and propose a workflow that makes the process fast and effective.