Privately held companies have annual financial statement audits:
A) to obtain financing from banks.
B) because external users rely on it.
C) because they are required to under the Corporations Act.
D) all of the above

Question

Quizplus · Accepted Answer

Privately held companies often have audits to obtain financing from banks, as banks may require audited financial statements to assess creditworthiness.

Privately Held Companies Have Annual Financial Statement Audits