NC Contractor Audit Requirement to Increase Building Limitation

[Jordan Keables]

My business partner and I are trying to increase our residential contractors license building limitations from 500K to 1M in North Carolina. One of the requirements is to get an audited financial statement with an unqualified opinion, a classified balance sheet and notes to the financial statement. This must be performed by a CPA or an “independent accountant who is engaged in the public practice of accountancy”. Does anyone know what that means?

I called the NC contractor board and they said as long as the audit was done in accordance to GAAP they would accept it.