Signing off & Change of Mgmt

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  • March 8, 2017 at 8:37 pm #1509009
    John123
    Participant

    I understand that management is responsible for financial statements, however; what happens if there is one CFO and CEO for 10 months, but for the last 2 months of the F/Y a new set of management comes in? Can the ‘current’ management sign off on the entire year?

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  • March 8, 2017 at 10:16 pm #1509106
    CageTheCPA
    Participant

    Yes, it doesn't matter how long management had been in place, they are considered fiduciary agents and are still responsible for the financial statements.

    March 9, 2017 at 6:13 am #1509319
    Missy
    Participant

    Whomever is the responsible party at the date of the financial statements signs, it doesn't matter if they weren't there for the entire period only that they are saying the statements are materially correct on that date.

    Licensed Massachusetts Non Reporting CPA since 2012
    Finance/Admin/HR Manager

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