You are right. The four elements to be checked are: the ultimate beneficial owners; the governance structure of the entity being approached for the contract; the legal structure of the organizations related and attached to the entity; and the detailed content of the financial statements and other financial reports of the entity.
Audited and consolidated financial statements are often requested. This is something I would like to bring to your attention. It is important to have consolidated financial statements, especially in the case of a number of related businesses that conduct transactions with each other. When we get consolidated financial statements, we remove intercompany transactions to have a more realistic picture of the various entities with which we want to do business.