Audited financial statements mean financial statements on which an independent auditor has expressed an opinion, whether qualified, unqualified, disclaimed, or adverse, under GAAP, IFRS, or another country-specific accounting standard, including a modified version of any of the above (for example, modified GAAP). Compiled or reviewed financial statements are not audited financial statements. There is no requirement to file audited financial statements with form 1120, 1040 or 1065. The only requirement is to disclose the income statement, balance sheet and equity / capital accounts, but they can be un-audited financial statements.
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