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Use and Finance BiAnnual Reporting Form Reporting Period: July 1, 2023 through December 31, 2023 University/College: Washtenaw Community College Number of Projects to Report: None Estimated Impact

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What is audited financial statements?

Audited financial statements are financial records that have been examined and verified by an external auditor to ensure accuracy and compliance with accounting standards.

Who is required to file audited financial statements?

Typically, publicly traded companies, certain private companies, non-profit organizations, and other entities that meet specific size criteria or regulatory requirements are required to file audited financial statements.

How to fill out audited financial statements?

Filling out audited financial statements involves compiling financial data, preparing the balance sheet, income statement, cash flow statement, and notes to the financial statements, which are then reviewed and verified by an external auditor.

What is the purpose of audited financial statements?

The purpose of audited financial statements is to provide stakeholders, including investors and regulatory authorities, with assurance that the financial information is accurate and reliable for decision-making.

What information must be reported on audited financial statements?

Audited financial statements must report the company's financial position, results of operations, cash flows, and changes in equity, along with accompanying notes that provide additional context and disclosures.

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