A report by an independent public accountant concerning the fairness of a company's financial statements is commonly required in the following situations: Application for a bank loan. Establishing credit for purchase of merchandise, equipment, or other assets. Reporting operating results, financial position, and cash flows to absentee owners (stockholders or partners). (4) Issuance of securities by a corporation. (5) Annual financial statements by a corporation with securities listed on a stock exchange or traded over the counter. (6) Sale of an ongoing business. 7) Termination of a partnership