Audited Financial Statements – Expert CPA Services by Dimov Tax

Yes, Dimov Tax provides audit services to clients in all 50 states, including California. However, to remain compliant with state-specific regulations, it’s important to note that all audit engagements are conducted and supervised from our offices in New York, New Jersey, and Maryland.

While we are actively working toward additional licensing to expand our in-state presence in California, our current audit operations are not physically performed within California. This ensures that we adhere to existing regulatory requirements while continuing to serve clients nationwide. Our team has extensive experience conducting audits across the U.S., and we maintain clients in our tax and audit practice from every state.

Audited financial statements are financial reports that have been independently examined by a Certified Public Accountant (CPA) to ensure accuracy and compliance with accounting standards. These statements provide credibility to investors, lenders, and regulatory bodies by verifying that a company’s financial position is fairly represented.

Audited financial statements are reviewed by an independent CPA, who verifies their accuracy and compliance with GAAP or IFRS, while unaudited financial statements are prepared internally without external verification. Audited statements provide greater credibility and are often required for regulatory compliance, loans, or investor relations.

The cost of audited financial statements varies based on company size, complexity, and industry, typically ranging from $10,000 to $50,000 or more. Factors such as multi-location operations, industry-specific regulations, and internal control weaknesses can influence the final cost.

The five financial statements in an audited report are the balance sheet, income statement, cash flow statement, statement of changes in equity, and notes to the financial statements. These documents provide a comprehensive view of a company’s financial health, detailing assets, liabilities, income, expenses, and cash movements.

An audited financial statement includes an auditor’s opinion, which confirms whether the financials are fairly presented and comply with accounting standards. The report will also contain a signed statement from a CPA or audit firm verifying the findings.

Public companies, large private corporations, and certain nonprofits are required to undergo financial statement audits. Businesses seeking funding, government contracts, or regulatory compliance may also need audited statements.

Regulatory agencies, lenders, investors, and government bodies often require audited financial statements. These audits provide assurance that financial records are accurate, transparent, and compliant with reporting standards.

There is no universal revenue threshold for an audit, but companies exceeding certain revenue limits may be required to comply with audit regulations. Requirements vary by industry, jurisdiction, and organizational structure.

The minimum income for an audit depends on legal and regulatory requirements, which vary by location and business type. Some small businesses may not need an audit unless mandated by investors or lenders.

Small company accounts may not require an audit unless dictated by investors, lenders, or regulatory bodies. However, an audit can still provide valuable financial credibility and risk assessment.