Make a Statement
What to do if your bank requires audited financial statements
By Doug Hood •
Opinions expressed by Entrepreneur contributors are their own.
Q: Werecently applied for a larger credit line with our bank. The loanwas approved with a number of conditions, one of which was anannual audited financial statement. I spoke with my accountant, andshe tells me issuing an audited statement is extremely expensive.What are my options?
A:Audited statements require a full review of your books and recordsto give a clear picture of your company's financial condition.Your lender uses these statements to determine the risk involved inraising your line of credit.
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