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MEMORIAL UNIVERSITY OF NEWFOUNDLAND Consolidated Financial Statements with Supplementary Schedules March 31, 2020MEMORIAL UNIVERSITY OF NEWFOUNDLAND INDEX TO CONSOLIDATED FINANCIAL STATEMENTS FOR

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What is audited financial statements?

Audited financial statements are official records of the financial activities of a business that have been examined and verified by a certified public accountant (CPA) to ensure accuracy and compliance with accounting standards.

Who is required to file audited financial statements?

Generally, publicly traded companies, larger private companies, and nonprofits are required to file audited financial statements as part of regulatory compliance or to satisfy investors and stakeholders.

How to fill out audited financial statements?

Filling out audited financial statements involves preparing the financial data, ensuring accuracy, and then presenting it according to GAAP or IFRS standards. It typically requires a CPA to review and attest to the information.

What is the purpose of audited financial statements?

The purpose of audited financial statements is to provide assurance to stakeholders that the financial reports are accurate and fairly represent the company's financial position, thus aiding in decision-making.

What information must be reported on audited financial statements?

Audited financial statements must report the balance sheet, income statement, statement of cash flows, statement of changes in equity, and notes to the financial statements, which provide additional context.

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