Debrief: How To Read Financial Statements

The Palo Alto Area Bar Association and the California State Bar Business Law Section’s Partnerships and Limited Liability Companies committee welcomed Debbie McCall, Audit Partner at Seiler LLP, to present on the subject of financial reporting and how to evaluate data and numbers.  In order to set the context, Ms. McCall reviewed the roles of those who request these reports and those who prepare the financial statements; discussed the differences between audited, reviewed and compiled financial statements and outlined the purpose for financial statement preparation. Then participants were guided through the different bases of accounting, key line items on the balance sheet and what the metrics represent. Ms. McCall finished by providing tips on how to spot potential red flags and what might require further inquiry.  

 

Handouts provided presentation materials as well as key financial statement ratios and what they represent. In attendance were attorneys in the practice areas of including criminal, estate planning, business, intellectual property, investment banking, employment and mediation counseling as well as banking, wealth management and accounting professionals. 

“How to Read Financial Statements” was hosted by BNY Mellon in Menlo Park.


This summary was prepared by Debra McCall, Partner, Seiler LLP Certified Public Accountants and Soyeun Choi at Soyeun D. Choi, Esq., PC, in Redwood Shores, California.

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