- CFA Exams
- CFA Level I Exam
- Study Session 11. Equity Valuation (3)
- Reading 31. Private Company Valuation
- Subject 4. Valuation approaches, earnings normalization and cash flow estimation issues
CFA Practice Question
Which financial statements require the greatest need for analytical adjustments?
A. Compiled financial statements.
B. Reviewed financial statements.
C. Audited financial statements.
Explanation: Compiled financial statements are not accompanied by an auditor's opinion letter.
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