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Make a Statement

What to do if your bank requires audited financial statements

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This story appears in the September 2001 issue of Entrepreneur. Subscribe »

Q: We recently applied for a larger credit line with our bank. The loan was approved with a number of conditions, one of which was an annual audited financial statement. I spoke with my accountant, and she tells me issuing an audited statement is extremely expensive. What are my options?

A: Audited statements require a full review of your books and records to give a clear picture of your company's financial condition. Your lender uses these statements to determine the risk involved in raising your line of credit.

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