Bankers who are processing loan applications from companies seeking large loans will probably ask for financial statements
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Bankers who are processing loan applications from companies seeking large loans will probably ask for financial statements audited by an independent PA because
a. Financial statements are too complex for them to analyze themselves.
b. They are too far away from company headquarters to perform accounting and auditing themselves.
c. The consequences of making a bad loan are very undesirable.
d. They generally see a potential conflict of interest between company managers who want to get loans and their needs for reliable financial statements.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For
Auditing An International Approach
ISBN: 978-1259087462
7th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
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