Accurate financial reporting is necessary to allow both management and external stakeholders to assess a company’s situation and stability. Management often uses the information to understand overall performance and evaluate its operations including supply chain, production, and marketing/sales efforts. Stakeholders such as banks, suppliers, and other vendors, use the information to understand the financial condition of the company and gain assurance it has the ability to manage credit and debt payments. 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
While the audit or assurance service needed may be a business requirement it doesn’t mean you should settle for an average experience. If you are unhappy with your current auditor or need assistance with an assurance concern, Selden Fox can help. For additional information call us at 630.954.1400 or click here to contact us.