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Federation of Students, University of Waterloo Financial Statements April 30, 2021Independent auditors report To the Members of Federation of Students, University of WaterlooOur opinion In our opinion,
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Gather all necessary financial documents, including balance sheets, income statements, and cash flow statements.
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Ensure all financial data is accurate and up to date.
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Prepare financial statements according to generally accepted accounting principles (GAAP).
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Audited financial statements are documents that have been examined and verified by an external auditor, ensuring their accuracy and compliance with accounting standards.
Generally, publicly traded companies, certain large private companies, and organizations that meet specific regulatory requirements are required to file audited financial statements.
Audited financial statements are prepared by following generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS), with financial data compiled and reviewed by an auditor before submission.
The purpose of audited financial statements is to provide stakeholders with reliable and credible financial information that can be used for decision-making, investment analysis, and assessing the company's financial health.
Audited financial statements typically include the balance sheet, income statement, statement of cash flows, and notes to the financial statements, which provide detailed explanations and disclosures.
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