Does a private company must be audit by a CPA? Account Question, Please Help!!?
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If a companies stock is privately held and not traded on any stock exchange, must a CPA audit the company’s books? Must these audited statements be prepared in accordance with GAAP? I can't find the answer in my book
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Answer:
No, there's no requirement that a privately held company be audited by a CPA. However. For certain types of coverages, like D&O, no insurance company will give you that coverage, if you're NOT audited.
mbrcatz at Yahoo! Answers Visit the source
Other answers
What book for what class? Some business insurance policies must be audited to determine the correct premium, but I doubt any state requires private companies to be CPA audited to stay in business.
Lynn
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