A certified financial statement is a commercial record audited and approved off by an accountant. An income statement, statement of cash flow, or balance sheet are some examples.
When an auditor has thoroughly examined the specifics of a financial statement by GAAP principles and is satisfied that the figures are correct, they approve the records. Such statements are an integral aspect of corporate accounting checks and balances. The certification of financial statements gives analysts more trust that they are getting good data to base their estimations. All listed companies in the United States are required to furnish shareholders and the general public with accounting records regularly. The Securities and Exchange Commission is in compulsion by law to provide this information.
Such financial statements provide shareholders with a view of a corporation’s recent success. Shareholders care about financial results because they have a financial stake (their money) in how a firm performs. Businesses can generate two types of financial statements: compiled and certified financial statements.
Certified Financial Statements
Following an income statement, cash flow statement, and balance sheet, the financial statements are delivered to a professional auditor who verifies that they are correct and free of errors.
A certified financial statement is a financial record that has been examined and approved by an independent accountant or auditor. Certified financial statements are trustworthy papers that third parties use to analyze a company’s monetary stability or condition. Because a certified financial statement is by an independent auditor, it extracts accurate information regarding a company’s asset valuation.
Since financial statements playan essential part in the economic markets, certification is for public corporations. Enterprises may hire internal auditors to analyze financial accounts, but only an external auditor, typically a certified public accountant, may certify them. Congress passed the Sarbanes-Oxley Act of 2002 to numerous financial reporting scandals, most notably the Enron scandal. The act created the Public Company Accounting Oversight Board, which gives a supervision of public accounting firms that perform and mandate the audits be conducted by external auditors, establishing standards for external, independent auditors, and imposing other specifications and expectations.
There are two categories of financial statements:
Compiled Statements- An accountant prepares a compiled one but, it is not audited or certified.
Certified Statements- All public corporations are required to produce certified financial statements.
Usage And Requirement
Reliable financial statements are those being audited and certified. Auditing creates a fair view of a company’s financial performance as it is by an independent authority. Investors can rely on these statements to help them make well-informed decisions regarding ongoing and prospective transactions.
Before releasing their financial statements, most publicly traded firms need to certify them.
An internal auditor is in usage that most organizations prefer to hire an independent or external auditor.
With verified financial statements, misrepresenting in accounting records to deceive investors becomes difficult.
An ethical auditor may uncover financial fraud, whereas a malicious auditor may assist in its commission.
In a scam that made news in 2002, the telecoms corporation WorldCom overstated its assets in its accounting records by around $3 billion with an audit firm, Arthur Andersen. Both companies have now gone out of business. It is, obviously, unlawful, and auditors and managers who falsify records face harsh consequences, ranging from heavy fines to sentencing possibilities.
To reflect the overall wellness, companies utilize both certified and compiled financial statements. A certified one is thoroughly audited, and its figures are correct. A compiled one may provide investors with data, but it cannot be guaranteed separately.
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