The financial information of an organization, presented in a standardized format following an audit by an independent accountant. Audited financial statements for nonprofit organizations include the auditorâ€(tm)s opinion, followed by the statement of financial position, statement of activities, statement of cash flows, and notes amplifying certain portions of the statements. Certain kinds of organizations will also have a statement of functional expenses. The format and standards for financial statements are prescribed by the Financial Accounting Standards Board (FASB). See definitions of these terms elsewhere in this glossary.