Your company needs an audit for a whole range of reasons: Compliance, Bank loans, Board Approval, Federal and State Grant Application, and many others unique to particular industries. Timelt and accurate financial reporting is necessary to allow both management and external stakeholders to assess a company’s financial status and stability. Your management often uses the information to understand overall performance and evaluate your company’s operations including supply chain, production, and marketing/sales efforts. Your stakeholders such as banks, suppliers, and other vendors, use the information to understand the financial condition of the company and gain assurance that your organization has the ability to manage credit and debt payments.

Why is a US GAAP financial audit necessary?

While information in the financial report is used differently, there is a clear need to ensure it’s accurately presented according to established standards. For this reason, many Chicago companies are required to undergo a financial statement audit, review, compilation, or other related attestation service. This ensures all financial data users that the information they are reviewing is audited or presented in accordance with Generally Accepted Accounting Principles (GAAP).

Since there are many auditors in the marketplace it can be difficult for management to understand the differences between them since all are providing similar services under the same standards. Although the standards and process are the same there are many differences between firms that need to be evaluated. Careful consideration about a firm’s experience, partner involvement, communication on the audit process, issues that may arise during the audit, and overall engagement tone, can mean the difference between a positive or negative experience.

Selden Fox works with Chicago companies and organizations to meet their audit and assurance needs. Our team has years of experience conducting not only the financial statement audit, and also performs compilations, reviews, and industry specific work such as Single Audits. Our process is straightforward, deadline oriented and encourages communication throughout the process.

Our Audit & Assurance Services Include:

• Financial Statement Audits
• Financial Statement Compilations & Reviews
• Agreed-Upon Procedures
• Internal Audits
• Single Audits

Blackline CPAs provide top quality Audit, Accounting, & Assurance Services in Chicago and surrounding counties of Cook, Dupage, McHenry and Lake.