Do you need a CPA to prepare financial statements?
No. The borrower fills it out and signs it; lenders verify it against statements and tax transcripts.
The answer,
in full.
Checked against the current SBA rules and forms on October 28, 2026.
No. SBA Form 413 is completed and signed by the borrower, and the bank-proprietary versions are the same. Lenders expect a self-prepared personal statement. They verify it against your credit report, your bank and brokerage statements, and your tax transcripts pulled with IRS Form 4506-C.
A CPA earns the fee in two situations. The first is when a lender or a court asks for a compiled, reviewed or audited personal statement under AICPA standards, which is rare on a loan. The second is when you hold something hard to value, such as an interest in a closely held business, and a CPA’s valuation makes the number defensible.
Business financial statements are a different question. Many lenders accept in-house statements alongside tax returns, and some set their own loan size above which they want CPA-reviewed statements. Ask the lender for its checklist before paying for either.
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