In one of our previous blogs which can be found here, #formal-financial-audits-reviews-and-bases-of-accounting-in-the-everyday-small-business-industry, we spoke about “What is a formal financial audit?” and “What is a formal financial review?” So, let’s pick up from where we left off and look at a few examples highlighting the purposes of audited and reviewed financial statements.

The examples being discussed today are in regards to Banks, Tax Purposes, and Board of Directors as follows: