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ARC, INC. (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2020, AND 2019TARC, INC. TABLE OF CONTENTS JUNE 30, 2020, AND 2019Page #INDEPENDENT AUDITOR\'S REPORT FINANCIAL

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Gather all necessary financial documents such as balance sheets, income statements, and cash flow statements.

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Who needs audited financial statements?

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Publicly traded companies that are required by law to have their financial statements audited by an independent auditor.

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What is audited financial statements?

Audited financial statements are the official records of the financial activities of a company or organization, which have been verified for accuracy and compliance with accounting standards by an independent auditor.

Who is required to file audited financial statements?

Generally, publicly traded companies, larger private companies, and organizations that meet certain regulatory thresholds are required to file audited financial statements.

How to fill out audited financial statements?

Filling out audited financial statements involves gathering financial data, ensuring compliance with applicable accounting standards, preparing the financial statements (such as the balance sheet, income statement, and cash flow statement), and then submitting these documents for independent auditing.

What is the purpose of audited financial statements?

The purpose of audited financial statements is to provide assurance to stakeholders (like investors, creditors, and regulators) that the financial information presented is accurate, complete, and reflects the true financial position of the entity.

What information must be reported on audited financial statements?

Audited financial statements typically report information such as the balance sheet, income statement, cash flow statement, and notes to the financial statements, which include accounting policies and additional details on figures.

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