Download Audited Balance Sheet
Sonjia Smith
The Board of Governors' financial statements are audited annually by an independent public accounting firm retained by the Board's Office of Inspector General. The Office of Inspector General also conducts audits, reviews, and investigations relating to the Board's programs and operations as well as of Board functions delegated to the Reserve Banks.
We have audited the accompanying balance sheets of X Company (the "Company") as of December 31, 20X2 and 20X1, the related statements of [titles of the financial statements, e.g., income, comprehensive income, stockholders' equity, and cash flows], for each of the three years in the period ended December 31, 20X2, and the related notes [and schedules] (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of [at] December 31, 20X2 and 20X1, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 20X2, in conformity with [the applicable financial reporting framework].
15Various SEC rules and forms require that companies file schedules of information and that those schedules be audited if the company's financial statements are audited. See, e.g., Regulation S-X Rules 5-04, 6-10, 6A-05, and 7-05, 17 CFR 210.5-04, 210.6-10, 210.6A-05, 210.7-05. See generally, Regulation S-X Rule 12-01, 17 CFR 210.12-01, et seq., which address the form and content of certain SEC-required schedules.
16 The terms used in the Opinion on the Financial Statements section, such as financial position, results of operations and cash flows, should be modified, as appropriate, depending on the type of company and financial statements being audited.
*The audited financial statements are presented for convenience andinformation purposes only, and while reasonable efforts have been made toensure the integrity of such information, they should not be relied on. A verified copy of the consolidated financial statements may be obtained from U.S.Soccer on request.
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Public companies are obligated by law to ensure that their financial statements are audited by a registered certified public accountant (CPA). The purpose of the independent audit is to provide assurance that company management has presented financial statements that are free from material error.
The balance sheet reports the financial position of the company at the end of the fiscal year (or at any other point in time a balance sheet is prepared; for example, companies are usually required to submit a balance sheet when applying for a loan). It reveals the value of assets, liabilities, and equity of a company.
Any business that presents its financials to investors or lenders should prepare audited financial statements. The vast majority of potential funders for your company will request audited financial statements instead of unaudited ones, since the latter leaves far more room for error.
From these differences, you can see that the fundamental characteristic of audited financial statements is the involvement of CPAs. To learn more about how CPAs differ from traditional accountants and determine how you can hire either for your company, read our article: How to Hire the Right Accountant for Your Business.
In contrast to compiled and reviewed reports, an audited report involves a thorough review of each and every item on a financial statement. It also entails internal protocol testing to ensure money moves about your company in a way that your reports accurately reflect. An audit is proof your financial statements are fully accurate.
We post our audited financial statements and 990-PFs to the site as they become available. Typically, the financial statement for each year is posted the summer of the following year, while the 990-PF is available in the fall of the following year.
Required unaudited interim period financial statements [S-X Articles 3 and 10, or S-X 8-03 for Smaller Reporting Companies] for a domestic registrant to be presented in registration or proxy statements:
An annual report to shareholders containing audited financial statements for the most recently completed year must accompany or precede a proxy statement relating to an annual meeting at which officers and directors will be elected.
In transactions where the registrant is a special-purpose acquisition company registrant ("SPAC"), the target's financial statements become those of the registrant upon consummation of the merger. In light of this fact and that the staff considers the transaction to be equivalent to an initial public offering of the target, the staff would expect the financial statements of the target included in either a proxy statement or Form S-4/F-4 to be audited in accordance with the standards of the PCAOB.
When predecessor audited financial statements are provided for part of a fiscal year and successor audited financial statements are provided for the rest of the year, the predecessor is not required to provide comparative financial statements for the prior year partial period.
Example: A shell company formed on January 15, 2009 acquires an operating company, determined to be its predecessor, on June 25, 2009. The Newco subsequently files an IPO registration statement in the third quarter of 2010. The IPO registration statement must include audited financial statements of the predecessor for the two years ended December 31, 2008 and the period from January 1, 2009 to June 25, 2009. The Newco registrant must provide audited financial statements for the period from the inception date through December 31, 2009 (there were no operations from inception date to acquisition date) and unaudited interim financial statements for the periods ending June 30, 2009 and June 30, 2010. Financial statements of the predecessor for the period January 1, 2008 to June 25, 2008 are not required.
If a receipt of net assets or shares from an entity under common control that will be accounted for similar to a pooling-of-interests has been consummated by a repeat issuer after the latest balance sheet date, and post-combination operating results have not been published, the issuer should normally not reflect the transaction in its financial statements. However, the issuer may elect to provide, and may be required to provide in connection with registration or proxy statements, supplemental audited combined financial statements giving effect to the transaction. Unusual situations can be discussed with CF-OCA.
Latest balance sheet must be as of a date no more than 134 days for non-accelerated filers (or 129 days for accelerated and large accelerated filers) before the effective date of the registration statement (or date the proxy statement is mailed). See Section 1340 for summary of accelerated filer rule.
The balance sheet date in an initial registration statement must not be more than 134 days old, except that third quarter data is timely through the 45th day after the most recent fiscal year-end for all filers, and except that third quarter data is timely through the 90th day after the most recent fiscal year-end for a Smaller Reporting Company if the SRC expects to report income from continuing operations before taxes in the year just completed and has reported income from continuing operations before taxes in at least one of the two years previous to the year just completed. After the 45th or 90th day, as applicable, audited financial statements for that fiscal year must be included in the registration statement.
Example: A Form S-1 for a registrant with a calendar year-end with an interim balance sheet as of the end of the first quarter (March 31) cannot be declared effective after August 12th without updating to the end of the second quarter (June 30). A Form S-1 for a calendar year-end company other than a Smaller Reporting Company with an interim balance sheet as of September 30 cannot be declared effective after February 14th. (Last updated: 12/31/2010)
Unless all three conditions are met, if the staff accelerates the effective date of the registration statement after the 45th day following the fiscal year-end, it will request the company to include audited financial statements for the most recently completed fiscal year. This 45-day rule applies to both Smaller Reporting Companies and Other Reporting Companies.
When a prospectus is used more than nine months after the effective date of the registration statement, the audited financial statements contained in the prospectus must be as of a date not more than sixteen months prior to such use. [Securities Act Section 10(a)(3) and Regulation C, Rule 427] The updated financial statements must comply with the requirements of S-X 3-12 (S-X 8-08 for Smaller Reporting Companies). The registrant may update financial information via post-effective amendment or, if eligible, incorporation by reference; however, filing a post-effective amendment does not start a new nine-month period. The audited financial statements contained in a prospectus used after the effective date of such post-effective amendment must not be more than 16 months old. (Last updated: 6/30/2011)
If a company has registered an offering of securities under the Securities Act, that company is required to file reports for periods ending after the date of the last balance sheet included in the registration statement. This duty may be suspended after the fiscal year in which the registration statement went effective in certain instances. [Exchange Act Section 15(d)]
If the effective date of an initial registration statement was within 45 days (90 days for a Smaller Reporting Company) after the fiscal year-end, but does not include the audited statements of the just recently completed year, the following reporting requirements apply:
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