unaudited

Finance/AccountingLegal glossary term

Legal Definition

Unaudited refers to a financial or legal assessment where the final, official audit or review of a company's financial statements has not yet been completed or finalized. It signifies a state where the underlying financial reports are presented before the formal, conclusive audit process is finished.

Plain-English Translation

Imagine a big test where the final score isn't ready yet; it means the numbers haven't been officially checked by the auditors to see if they are correct or not.

Context in Contracts

It matters because it indicates the status of the financial reporting—that the numbers presented are preliminary or provisional, awaiting final verification under legal or regulatory scrutiny.

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01

A company's preliminary balance sheet before the final audit is completed.

02

An unaudited report of quarterly earnings presented to shareholders.

Document context

How unaudited shows up in legal documents

What is it?

Unaudited refers to financial statements, reports, or assessments that have been prepared but are not yet subject to a formal, official audit process by an independent auditor to verify their accuracy and reliability.

Why does it matter?

It matters because it indicates the status of the financial reporting—that the numbers presented are preliminary or provisional, awaiting final verification under legal or regulatory scrutiny.

When does it matter?

It usually appears when a company is in the process of preparing its financial reports but before the formal audit phase is complete; it signifies an interim state.

Where is it usually seen?

It is commonly seen in corporate filings, preliminary financial disclosures, and investor presentations where the final audited figures are pending.

Who is affected?

The entity or party whose financial records are being reviewed, as well as the auditor responsible for the audit process.

How does it work?

In practice, it means that the financial data is available for review but lacks the final sign-off by an external auditor; the numbers might be provisional until the formal audit concludes.

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Disclaimer: We do not provide legal advice. We translate legal language into plain English and help you prepare for a conversation with a lawyer.