Can my personal financial statements be audited?

Can my personal financial statements be audited?

Personal financial statements are typically not audited, as they are not required by law and are not publicly disseminated. Personal financial statements are typically used by individuals to track and manage their own personal finances, and may include information such as assets, liabilities, income, and expenses.

However, in some cases, a personal financial statement may be audited or reviewed by a third party, such as a lender or financial institution, as part of a loan or credit application process. In these cases, the third party may review the personal financial statement to ensure that it is accurate and complete, and may request additional documentation or information to verify the information provided.

It’s important to note that personal financial statements are not the same as business financial statements, which are used to report the financial performance and position of a business. Business financial statements, including the balance sheet, income statement, and statement of cash flows, are typically required to be audited by law if the business is publicly traded or meets certain other criteria.

Prominent Financial Consultants offers a range of services to help our clients succeed, and we would love the opportunity to discuss how we can help you. If you would like to schedule an appointment with us, please schedule a free 15 Minute Financial Clarity Call so that we can learn more about your needs and goals.