In response, Rolanda proposes that Mary Ann may gain more information and knowledge from the services of a non-certified public accountant. This is due to the fact that there are numerous financial analysts who are not required to take the CPA (Certified public accountants) test. In countless minority businesses, individuals depend on these non-certified public accountants for income-tax preparation, payroll …show more content…
Organizations have no choice but to provide reports while applying for loans or selling stock (Hale, Landry, & Wood, 2004). Independent auditors who do not work for the company must ensure that consumer's accounting systems is adopting commonly accepted accounting principles GAAP (Generally Accepted Accounting Principles). After reviewing the auditor’s report, Marry Ann evaluated financial statements (Losano, 1979). The evaluation showed that the recent balance sheet of the business had more liabilities than assets. The main reason that led the owner to get out of business was the following: the business had assets that were not sufficient to pay off all debts that resulted in