If the seller of the business uses a bookkeeper to prepare the financial statements, are these as good as one provided by a CA or CPA? If there is a notice to reader opinion, should you rely on these? If the accountant prepared a review engagement report or audit, are you allowed to rely on those? What was the purpose of the financial statements? Where they prepared specifically for the sale of the business or were they prepared for the company’s banker? If the purpose of the financial statements was not for the sale of the business, you may need to ask your legal advisor your legal rights if you place reliance on the financial statements which were not prepared for your benefit.
This article are provided for information purposes only, and are not intended as legal advice.
- Why type of financial statements do accountants issue?
- When do you sell a business, before or after you issue financial statements?
- When buying a business – what questions should you ask? – Part I
- What information do you need to value a business for sale?
- When buying a business – what questions should you ask? – Part II
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