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Contracts Administration / Contractor Prequalification
8.) The person in charge of handling our prequalification has left the company. How do we add someone else to handle our prequalification?
Beginning July 1, 2012, a contractor applying to prequalify to bid on road and bridge construction projects up to $1,000,000 may submit "reviewed" financial statements instead of "audited" financial statements. Both are prepared by a CPA, both are subject to the same due date and submission rules, and both must include the following components to be considered complete: balance sheet, income statement, statement of retained earnings, statement of cash flows, and notes. Audited financial statements are accompanied by an "opinion." Reviewed financial statements are accompanied by a letter called a review report.
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