Audited Financial Statements – Prepared for a third party relying on the financial statements. Audited financial statements present the highest level assurance.
Reviewed Financial Statements – Prepared for a third party relying on the financial statements. Most reviewed financial statements are prepared clients who are required by their banks to submit “reviewed” financial statements to secure financing or meet debt covenants.
Notice to Reader Financial Statements – Prepared for management information purposes.
Financial Statements of Net Worth – Prepared as a Notice to Reader, a statement of net worth is helpful when presenting to the bank a listing of all your personal assets and liabilities at fair market value when applying for a loan or mortgage.