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LV. “Trtantarioi: 'y, :, “iuniciparFinancial Statement Auditor's Report Form 4ArrairsMunicipal Elections Act, 1996 (Section 78) instructions: All candidates must complete Boxes A and B. Candidates
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01
To fill out a financial statement, auditors should follow these steps:
02
Gather all necessary financial documents, such as profit and loss statements, balance sheets, and cash flow statements.
03
Review the financial documents to ensure accuracy and completeness.
04
Analyze the financial information and identify any unusual trends or discrepancies.
05
Prepare the financial statement by organizing the financial information into a clear and concise format.
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Include relevant notes and disclosures to provide additional context and explanation.
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Verify all calculations and double-check any sensitive financial figures.
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Review the financial statement for compliance with relevant accounting standards and regulations.
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Obtain any necessary approval or sign-off from relevant stakeholders, such as management or board of directors.
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Distribute the finalized financial statement to relevant parties, such as shareholders, investors, or regulatory authorities.
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Keep a record of the financial statement for future reference and audit purposes.

Who needs financial statement - auditors?

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Auditors are the primary users of financial statements. They rely on these statements to assess the financial health and performance of an organization. By examining the financial statement, auditors can provide independent and unbiased opinions on the fairness and accuracy of an organization's financial records. Other stakeholders, such as investors, lenders, regulators, and government agencies, may also need financial statements to make informed decisions or ensure compliance with applicable laws and regulations.
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A financial statement is a formal record of the financial activities and position of a business, organization, or individual, which is prepared in accordance with financial reporting standards. Auditors review these statements to ensure accuracy and compliance.
Typically, public companies, large private companies, and organizations that are subject to regulatory oversight are required to file financial statements with auditors.
Financial statements should be filled out according to relevant accounting standards, including preparing the balance sheet, income statement, statement of cash flows, and statement of shareholders' equity, ensuring that all data is accurately reported and verified.
The purpose of a financial statement is to provide stakeholders with an overview of the organization’s financial performance and position, helping in decision-making and investment assessment.
Key information includes revenue, expenses, assets, liabilities, equity, and cash flow. Notes to the financial statements also provide additional context and details.
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