Retained Earnings Formula Definition

Retained Earnings Formula

Where they know that management has profitable investment opportunities and have faith in the management’s capabilities, they would want management to retain surplus profits for higher returns. When your business earns a surplus income, you have two alternatives.

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The company wants to increase its workforce, improve its budget in R&D, generate greater liquidity, prevent money outflow, reduce financial debts, and others. Note that financial projections and financial forecasting can provide an estimate of the retained earnings that might be available for reinvestment. That insight is just one benefit of a forecasting exercise for all-size companies. Retained earnings are calculated by subtracting distributions to shareholders from net income.

Retained Earnings Formula

The companies which have started their operations many years ago also reports higher retained earnings as a comparison to new ones. These issues can make the comparison of retained earnings more difficult. However, we can take companies with the same age and of the same industry to make the proper comparison. We can analyze a company for its dividend pay-outs or long-term investments by analyzing its retained earnings.

End Of Period Retained Earnings

Whichever payment method the company may decide to use, it reduces RE in some way. For instance, cash payment causes cash outflow and it is recorded as a net reduction in the accounts book. Therefore,In this process, the company’s asset value in the balance sheet reduces.

  • Business owners should use a multi-step income statement to separate the cost of goods sold from operating expenses.
  • Shareholder’s equity section includes common stock, additional paid-in capital, and retained earnings.
  • That said, calculating your retained earnings is a vital part of recognizing issues like that so you can rectify them.
  • Also, this outflow of cash would lead to a reduction in the retained earnings of the company as dividends are paid out of retained earnings.
  • Editorial content from The Blueprint is separate from The Motley Fool editorial content and is created by a different analyst team.
  • Here we’ll go over how to make sure you’re calculating retained earnings properly, and show you some examples of retained earnings in action.

Whenever a company generates a surplus, it always has an option to pay a dividend to its shareholders or retain with itself. Do the Calculation of the Retained Earnings using the given financial statements. The figure may be positive or negative, depending upon inputs in the formula. If the company suffered a loss last year, then it’s beginning period RE will start with negative. Whether the company is retaining its profit or its paying part of profits as dividends. Cash dividends are recorded as a reduction in the cash account and are recorded as a cash outflow.

Find Your Net Income Or Loss For The Current Period

The final few steps in the multi-step income statement involve non-operating income and expenses. The income statement includes gross profit , and this balance differs from net income. To manage a business, you must know how both balances are calculated. Business owners should use a multi-step income statement to separate the cost of goods sold from operating expenses. Retained earnings figures during a specific quarter or year cannot give meaningful insight. It can only be analyzed when it is taken over a period of time, e.g. 5 years trends showing the money company is retaining over the years.

This means that a company may have accounting periods with high retained earnings as well as accounting periods with lower or negative retained earnings. Wave Accounting is free and built for small business owners, so it’s easy to manage the bookkeeping you’ll need for calculating retained earnings and more. There’s no long term commitment or trial period—just powerful, easy-to-use software customers love.

In the balance sheet, the company’s assets must be equal to the sum of the liabilities and stockholder equity. Revenue is the money that the company generates through the sales of goods and services. Or, we can say revenue is Retained Earnings Formula the income of the company before deducting expenses from it. Any increase in revenue through sales increases profits or net income. If the net income is higher, the management can allocate more funds to the retained earnings.

Retained Earnings Formula Definition

Though the last option of debt repayment also leads to the money going out of the business, it still has an impact on the business’s accounts . The income money can be distributed among the business owners in the form of dividends. Companies are not obligated to distribute dividends, but they may feel pressured to provide income for shareholders.

Retained Earnings Formula

Remember to interpret retained earnings in the context of your business realities (i.e. seasonality), and you’ll be in good shape to improve earnings and grow your business. Malia owns a small bookstore and wants to bring on an investor to help expand the shop to multiple locations. The investor wants to know what retained earnings look like to date. Now that we’re clear on what retained earnings are and why they’re important, let’s get into the math.

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This way, the shareholders are able to benefit from the net earnings while the company retains some to reinvest in the business. Companies can distribute dividends to shareholders in either cash or stock, both of which reduce the retained earnings. Since cash dividends are paid in cash, the company records them as reductions in the cash account. They are also subtracted on the balance sheet and take away from the asset value. Stock dividends on the other hand do not reduce the asset value of the firm. Instead, funds are transferred from the cash account to paid in capital and common stock based on the share price of the company when the new shares are issued.

  • If you and other shareholders decide to have dividends, it will come out of company profits.
  • The requirement of the retained earnings depends on the industry in which the company is working.
  • The disadvantage of retained earnings is that the retained earnings figure alone doesn’t provide any material information about the company.
  • If the business has negative retained earnings, this means that it has accumulated more debt than what it has made in earnings.
  • The following options broadly cover all possible uses a company can make of its surplus money.

But for a more clear view of the owners, the retained earnings statement is prepared for looking into the history of how a business has performed during the time. Retained earnings are the amount that is left after paying out dividends to stockholders and the owners could reinvest this amount or payout to shareholders. Cash dividends reduce the amount of the company’s cash account, and as such reduce asset value of the company’s balance sheet.

How To Calculate Retained Earnings

Retained earnings refers to business earnings that are kept, not disbursed. More specifically, retained earnings are the profits generated by a business that are not distributed to shareholders. DividendsDividends refer to the portion of business earnings paid to the shareholders as gratitude for investing in the company’s equity. It is shown as the part of owner’s equity in the liability side of the balance sheet of the company. Financial StatementFinancial statements are written reports prepared by a company’s management to present the company’s financial affairs over a given period .

In addition, use of finance and accounting software can help finance teams keep a close eye on cash flow and other critical metrics. By continually controlling spending, companies are more likely to end a fiscal period with cash on hand to use for growth. While a trial balance is not a financial statement, this internal report is a useful tool for business owners. It is also used at audit time to see the impact of proposed audit adjustments. A high percentage of equity as retained earnings can mean a number of things. Company leaders could be “saving up” for a large purchase, conserving funds during an economic downturn, or maybe just being fiscally conservative. Whatever the case, it’s important to know how much retained earnings account for in a company’s equity—and why.

They appear along with other forms of equity, such as owner’s capital. The figure is calculated at the end of each accounting period (monthly/quarterly/annually). As the formula suggests, retained earnings are dependent on the corresponding figure of the previous term.

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Retained earnings is the amount of net income left over for the business after it has paid out dividends to its shareholders. As consumer demands increase, a business’s financial obligations also rise. To improve residual income each period, a business must make both small- and large-scale changes to reduce its operating costs and deficits. Businesses must continually examine their cost of goods sold to ensure they are not overpaying for their inventory. One of the best ways for companies to improve their retained earnings is to lower the cost to produce and sell their products or services. By evaluating a company’s retained earnings over a year, or even just one quarter, you can gain a deeper understanding of how profitable it is in the long term.

That complies that on March 1, RE balance of your company will be$2000. Also, remove the partthat corresponds to the distribution of dividends. Generally accepted accounting principles provides for a standardized presentation format for a retained earnings statement. The first item listed on the Statement of Retained Earnings should be the balance of retained earnings from the prior year, which can be found on the prior year’s balance sheet.

Appointment Scheduling Taking into consideration things such as user-friendliness and customizability, we’ve rounded up our 10 favorite appointment schedulers, fit for a variety of business needs. CMS A content management system software allows you to publish content, create a user-friendly web experience, and manage your audience lifecycle. If it chooses to distribute its RE balance through cash dividends, it will lose a part of its liquidity.

You can either distribute surplus income as dividends or reinvest the same as retained earnings. This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business.

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Bench Accounting

For this reason, Bench now has their own licenced tax professionals. When you enroll in the Bench Premium service, you’ll gain year-round access to tax professionals that will answer your tax-related questions. You’ll also have a dedicated Tax Coordinator responsible for tracking down forms and organizing documentation. For businesses with over $5 million in revenue, accrual-basis bookkeeping is required by the IRS. If your business grows, you may have to switch to accrual-basis accounting system. Essentially, Bench has distilled its bookkeeping platform into at-a-glance summaries. The data in the bookkeeping software is pulled in read-only format from your bank, credit, and merchant accounts.

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Out of 5icon”I really enjoy the ease of use of the software and the communication with the team members, specifically [SENSITIVE CONTENT HIDDEN.” The Message tab enables you to send and receive messages from your assigned bookkeeper. Tim is a Certified QuickBooks Time Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content.

Bench Accounting

When you reach out for support, Bench will try to connect you with your account manager, though sometimes you’ll be put in touch with one of the other two bookkeepers. Your bookkeeping team will always be up-to-date on your business and financial status. During this call, your bookkeeper will also link your bank accounts, merchant accounts, and credit card accounts with the Bench bookkeeping software.

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Bench should able to serve Freelancers and Micro Businesses well. If you need a basic, no frills bookkeeping company- Bench may be the right fit for you. Bench can likely get you set up and start at a point in time, allowing you to skip entry of historical data.

  • They get back to me within probably 20 minutes, every time.
  • They consistently put my expenses in the wrong category.
  • Bench continues to be a leading employer in Canada, having rapidly scaled to over 650 employees, and aims to double the company’s product and technology teams before the end of 2021.
  • I respectfully understand that they made some decisions regarding their services.
  • From there we moved ourselves and our two employees at the time, and we’ve scaled from here, but it’s still just the US market.

Instead, they can use our product, pay half the price and get their declaration instantly. For an additional fee, Bench provides overdue bookkeeping services. It can finish a year’s worth of bookkeeping in two to four weeks. This could be helpful if you’ve been behind on your books all year and tax deadlines are approaching. This includes monthly bookkeeping, a dedicated bookkeeping team, year-end tax-ready financial statements and unlimited communication with Bench’s in-house research team. Bookkeeping services include categorizing all transactions, reconciling bank accounts and preparing an income statement and balance sheet.

I Appreciate The Monthly Reminders From Bench

Priced per month based on the number of monthly expenses, and accounts and add-ons . The Bench team consists largely of bookkeepers and one of Joshua’s Bench Accounting big focus is on how to make them more efficient. As the bookkeeping team grew, it became harder to collect and understand their feedback.

But doing it through an online platform, well, it’s fair to say it feels like an even bigger security risk. I have been with Bench for a full year now, including their tax service, and have been extremely happy with their process, accounting, taxes, and communication.

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That pairs your business with a team of Bench bookkeeping professionals. You’ve concocted every excuse under the sun, but you can’t escape reality – it’s time to do your books. Every business expense is categorized by your Bench team, making it easier for you to find every deduction you deserve. For inquiries related to this message please contact our support team and provide the reference ID below. It’s great to hear that we are able to deliver error-free financials to you! We’re excited to keep providing you with the support to continue growing your business.

Bench Accounting does bookkeeping on a monthly basis. After you sign up for a Bench account, you will connect your financial accounts — this includes bank accounts, credit cards, loans and merchant processors — to your Bench account. Bench bookkeeping is an online accounting service that manages bookkeeping and taxes for businesses. In the wake of COVID I left the agency I was at to do my own agency.

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Specifically, you will be assigned a team of three dedicated bookkeepers, one of whom will be your account manager. The auto-sync with user bank accounts ensures that no transactions are missed, and the bookkeeper ensures that each transaction is accurately categorized.

Bench Makes My Business Life So Much Easier

Free mobile app that helps the 50 million microbusinesses in Latin America become more efficient. The app allows owners to record transactions, track credits and debits, see business statistics, gain control over their inventory, among many other things. Benefit from the most accurate accounting, 24/7, real-time dashboards and reporting, all while saving on average 30-50% compared to a traditional bookkeeper or outsourced firm.

  • You can try Bench Accounting for free to see if it’s a good fit for you.
  • In order for your bookkeeper to complete your accounts, you’re going to need to supply them with your financial details.
  • After you sign up for a Bench account, you will connect your financial accounts — this includes bank accounts, credit cards, loans and merchant processors — to your Bench account.
  • These documents and tools are important when it comes to keeping your accounts in order.
  • All Bench bookkeepers are employees who receive regular in-house training.

A positive aspect of Bench is that it gives you the ability to analyze all your cash flow in one system. You can check accounts, vendors, spending categories, dates, credit, and more to ensure your business is on track. These metrics combined enable you to paint a picture of how your business is progressing over time. Bench’s online platform does a good job of labeling and categorizing transitions so that you can find things quicker. This categorization is performed by your bookkeeper.

There’s a degree of human error involved in this process, and sometimes your bookkeeper will mislabel transactions. This mistake can be fixed, however, you’ll just have to log in to’s web-based app and do it yourself. Or, you can just let your bookkeeper know via Bench’s app. The Bench bookkeeper will ask you questions about your business. If you feel like they haven’t asked you something important, be sure to bring it up yourself. Also, this individual should also provide you with a quick tour of Bench and its accounting software. Bench is best suited to a small business owner having trouble managing their financial accounts.

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Durrios has also held leadership positions at other tech companies, including MarketShare , Yahoo! and Overture, the company that pioneered paid search. To entrepreneurs out there raising money, my advice is, if raising money doesn’t feel exciting it doesn’t mean you’re doing it wrong. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. In fact, Bench shines with third party integration, for example integrating payroll tools like Gusto Payroll or Justworks Payroll. Whenever you wish, you’ll be able to check-in with Bench to ensure things are progressing well.


Every month, the Bench bookkeeping team turns data into tax-ready financial statements. This helps monitor business financial health, allows for the download of financial statements, and allows the ability to chat with the bookkeeping team any time via the Bench mobile app. Compared to other bookkeeping services, Bench is an affordable option. Other bookkeeping services charge a sliding scale based on number of accounts, whereas Bench prices are based on average monthly expenses. Every Bench plan includes up to 15 financial accounts, including bank accounts, credit cards, loans and merchant processors. It’s common for competitors to only include a handful of accounts in entry-level plans, so you’re getting good value with Bench Accounting. Bench provides cash basis bookkeeping services that include receipt management, transactions classification, and financial statement prep.

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Two of the most useful general purpose financial statements – the income statement and balance sheet – have their own dedicated tabs. If you’ve been doing your books in another accounting system, you can’t import the individual transactions into Bench.

Internal Audit Reports

audit report

The unqualified report issued for the financial statements contains no material misstatement. One significant change is the new International Standards on Auditing section 701, Communicating Key Audit Matters in the Independent Auditor’s Report. This ISA applies both to audits of financial statements of listed entities and in circumstances when the auditor otherwise decides to communicate KAMs in the auditor’s report. The auditor should describe each KAM, using an appropriate subheading, in a separate section “Key Audit Matters,” unless precluded by law, regulation, or in rare circumstances where the adverse consequences of doing so outweigh the public interest benefits of disclosure.

Nonetheless, certain auditors (including PricewaterhouseCoopers) have since modified the arrangement of the main body in order to differentiate themselves from other audit firms, even though such modification is contrary to the clarified US AICPA standards on auditing. Most countries required the entities that have the specific criteria to have their financial statements audited by independent auditors—those criteria like annual turnover, the value of assets, and the number of employees. The auditor is the evidence that could prove to the government that the entity complies with the law. The misstatements found here are different from the material misstatements found in qualified audit reports.

Paragraph 1: Opinion On The Financial Statements

We have audited the financial statements of ABC Company, which comprise the balance sheets as of December 31, 20X1 and 20X0, and the related statements of income, changes in stockholders’ equity, and cash flows for the years then ended, and the related notes to the financial statements. Since UToledo is a public university, the work papers that Internal Audit prepares may be accessible under Ohio law.

Limitation of scope – this type of qualification occurs when the auditor could not audit one or more areas of the financial statements, and although they could not be verified, the rest of the financial statements were audited and they conform to GAAP. Examples of this include an auditor not being able to observe and test a company’s inventory of goods. If the auditor audited the rest of the financial statements and is reasonably sure that they conform with GAAP, then the auditor simply states that the financial statements are fairly presented, with the exception of the inventory which could not be audited. When the auditor is unable to obtain audit evidence regarding particular account balance, class of transaction or disclosure that does not have pervasive effect on the financial statements. An adverse opinion is an opinion made by an auditor indicating that a company’s financial statements are misrepresented, misstated or inaccurate.

Auditor’s Report On Internal Controls Of Public Companies

If the auditee is a going concern, the auditor does not modify his/her report in any way. The scope paragraph is modified accordingly and an explanatory paragraph is added to explain the reason for the adverse opinion after the scope paragraph but before the opinion paragraph. However, the most significant change in the adverse report from the qualified report is in the opinion paragraph, where the auditor clearly states that the financial statements are not in accordance with GAAP, which means that they, as a whole, are unreliable, inaccurate, and do not present a fair view of the auditee’s position and operations.

audit report

However, before putting your truth on the audit report, ensure that the auditor who issued the reports is from an independent audit firm. Big four audit firms are the firm that most of the shareholders put their truth on. In other words, they review whether or not financial statements are prepared true and fair view following the accounting standards. For example, auditors perform their audit on the client’s financial statements against the accounting standard used to prepare them. The United Nations Board of Auditors was established by the General Assembly in 1946 to carry out the external audit of the accounts of the United Nations organization and its funds and programmes.

Quarterly Audit Reports

All reports and opinions of the Court are published on the ECA’s website in the official EU languages. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control—related matters that we identified during the audit. Proposed ISA 705 , Modifications to the Opinion in the Independent Auditor’s Report – Amended to clarify how the new required reporting elements of proposed ISA 700 are affected when the auditor expresses a modified opinion, and to update the illustrative auditor’s reports accordingly. How the introductory language in the illustrative example of the new section in the auditor’s report could be drafted to clearly explain to users that the matters discussed in the auditor’s report is not intended to be a comprehensive list of all matters discussed with those charged with governance. Proposals to clarify the auditor’s responsibilities by describing the risk-based audit approach under the ISAs, and clarification of other technical terms in the auditor’s report.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The user may rely upon the report as evidence that a knowledgeable third party has investigated and rendered an opinion on the financial statements. An audit report that contains a clean opinion is required by many lenders before they will loan funds to a business.

audit report

They may not have been able to decipher the correct nature of some transactions or to secure enough evidence to support good financial reporting. Auditors that aren’t allowed an opportunity to observe operational procedures or to review particular procedures may feel like they’re not able to express a definite opinion, so they feel a disclaimer is necessary and in order. The general consensus is that a disclaimer of opinion constitutes a very harsh stance. AS 3105, Departures from Unqualified Opinions and Other Reporting Circumstances, describes reporting requirements related to departures from unqualified opinions and other reporting circumstances. Specifying the text to be used in the auditor’s report to describe the auditor’s responsibilities for the audit of the financial statements.

Links To The Board And The Cfpb

The Office of Policy and Management’s Electronic Audit Reporting System allows state agencies and the public to view and access audit reports that have been filed with OPM. State agencies have agreed to use the electronic reports filed on EARS in lieu of receiving individual hardcopies of the reports. Copies of the state single audit report package must be filed with state grantor agencies, the cognizant agency and pass-through agencies . Submission of the report package must be made within 30 days of completion of the audit report, if possible, but no later than six months after the end of the audit period. Cognizant agencies must be notified of the Independent Auditor appointed to conduct the audit. Such notification must be made not later than thirty days before the end of the fiscal year of the entity to be audited. The attached spreadsheet provides critical and important recommendation implementation rates for each of the final audit reports posted on the website (as of the most recent quarterly follow-up exercise).

The application and other explanatory material explains more precisely what a requirement means or is intended to cover or includes examples of procedures that may be appropriate under given circumstances. Each ISA contains a clear statement of the auditor’s objective in the area addressed by that ISA.

  • Was appointed by the General Meeting of Shareholders on 7 May 2014, replacing Ernst & Young who fulfilled the role since 1967.
  • Additionally, since the audit was not completely and/or adequately performed, the auditor refuses to accept any responsibility by omitting the last sentence of the paragraph.
  • Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
  • However, in practice, management might try their best to prevent auditors from obtaining some sensitive information.
  • These exemptions formed the so-called “Enron loophole” that contributed to massive fraud and the failure of the Enron company in addition to the role that credit default swaps would play in the 2008 financial crisis.
  • It also noted the importance of alignment, to the extent practicable, with others currently addressing auditor reporting, including the EC, FRC and PCAOB.

Annual financial statements for the University of California are prepared and audited on a consolidated basis including all campus locations. The audited financial statements are included in the University’s Annual Financial Reports and are available on the Reporting Transparency website. Auditors use all types of qualified reports to alert the public as to the transparency, reliability and accountability of companies.

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An opinion is said to be unqualified when he or she does not have any significant reservation in respect of matters contained in the Financial Statements. This type of report is issued by an auditor when the financial statements are free of material misstatements and are presented fairly in accordance with the Generally Accepted Accounting Principles , which in other words means that the company’s financial condition, position, and operations are fairly presented in the financial statements. It is the best type of report an auditee may receive from an external auditor. An unqualified opinion doesn’t have any kind of adverse comments and it doesn’t include any disclaimers about any clauses or the audit process. This type of report indicates that the auditors are satisfied with the company’s financial reporting. The auditor believes that the company’s operations are in good compliance with governance principles and applicable laws.

  • Draft reports will be distributed to those employees with responsibility for replying to the report, as agreed during the entrance conference.
  • The following is an example of the former version of adding a separate report immediately after the auditor’s report on financial statements.
  • Anecdotally, the author has already seen a membership organization address this for next year’s audit by requesting KAMs in order to provide a more transparent audit report to its membership.
  • Unfortunately, many auditors are increasingly reluctant to include this disclosure in their opinions, since it is considered a “self-fulfilling prophecy” by some.

Audit Report.Annually provide the SELPA with the LEA’s annual, independent financial audit report, on or before December 20th each year, unless an extension has been granted by the State Controller’s Office, in which case an extension will be granted to the charter as well. LEA further agrees to provide SELPA copies of any and all State Controller’s Office communications regarding audit report corrective actions and a corrected audit report, if applicable. The auditor provides auditing services to the client, the client provides the financial statements to the users, and the auditor provides the auditor’s report to the users.

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. At its March 2014 meeting , the IAASB discussed the feedback received on its ED.

Court Of Auditors Reports

It also asked the Task Force to further consider whether reporting on going concern should be required for all entities, or whether an approach based on the importance of going concern considerations to the individual entity would be preferable. An auditor’s report is a written letter attached to a company’s financial statements that expresses its opinion on a company’s compliance with standard accounting practices. The auditor’s report is required to be filed with a public company’s financial statements when reporting earnings to the Securities and Exchange Commission . An auditor’s report is a written letter from the auditor containing their opinion on whether a company’s financial statements comply with generally accepted accounting principles and are free from material misstatement.

Internal Audit Reports

The illustrations include a sampling of various example reports contained in the SLG Guide of financial statement audit reports for a state and local government when the audit is being performed only under AICPA generally accepted auditing standards. (Illustrative auditor’s reports on governmental financial statements conducted in accordance withGovernment Auditing Standardsare discussed in the GAS-SA Guide (see section above.) Purchase the SLG Guideto access the full set of examples.

Section 507 of the new Act created a new criminal offence, punishable by fine, in relation to inaccurate auditors’ reports. Management letters issued as the result of audits are not included on the Auditor of State’s webpage. However, management letters, once issued may be requested by accessing the Report Request Inquiry. As an auditor is independent of management, the report could prove whether managements are honest to their shareholders or not. We are the American Institute of CPAs, the world’s largest member association representing the accounting profession. Today, you’ll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting.