what is difference between Audited Financial and unaudited Financial

Question

Accepted Answer

Audited financials are verified by an external auditor while unaudited financials are not.

Audited financials are reviewed and verified by an external auditor while unaudited financials are not.
Audited financials provide more credibility and assurance to stakeholders while unaudited financials may be viewed as less reliable.
Audited financials are required for publicly traded companies while privately held companies may only provide unaudited financials.
Audited financials may take longer to prepare and may be more expensive due to the involvement of an external auditor.
Examples of audited financial statements include annual reports and 10-K filings while examples of unaudited financial statements include internal financial reports and management accounts.

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