(Learning Objective 2, 4: Understanding reporting requirements for income statements) You were reading a posting in a...
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(Learning Objective 2, 4: Understanding reporting requirements for income statements)
You were reading a posting in a local small business discussion forum online. Someone with the nickname “Nightmare” has just posted a message that says: “I am applying for a bank loan for my flower shop and the bank has asked for an audited set of financial statements. I don’t understand why they need to do so. My credit history is impeccable!”
Write a short reply to the discussion forum on why the bank would require financial statements to be audited.
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Related Book For 
Financial Accounting International Financial Reporting Standards
ISBN: 9780273777809
1st Global Edition
Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy
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