Strength in numbers — Why audited financial statements matter

Description

Abstract: Sound, trustworthy financial statements are key to any construction company’s success. That’s why every contractor should at least consider investing in audited financial statements. Many lenders and sureties require contractors to provide such statements before they’ll approve loans or bonding. Some local and state governments also provide increased work and project award capacity to construction companies with audited statements. This article discusses the contractor’s responsibilities during the audit process, while a sidebar explores the less thorough, but less expensive, options of a compilation or review.