Many Chicago companies are required to undergo an annual financial statement audit. While each may have their own specific needs, they are typically conducted to satisfy the reporting requirements of government agencies, banks, vendors, and/or suppliers. In any situation, where an auditor is required to express an opinion about the financial condition of an organization, including representation and accuracy of the financial statements, an audit is required. The audit process involves several phases including advanced planning, preliminary fieldwork, assessment of risk areas, substantive procedures, and more. While there are common standards that every Chicago CPA firm must follow when performing a financial statement audit, it doesn’t mean every audit is the same.
Audit Approach
Selden Fox deploys an audit approach that seeks to identify the most significant business risks. Special attention is placed on these areas of concern. When necessary, recommendations are made on how to improve controls. Once identified, the risk areas are examined and tested according to established standards. Following this process, we deliver an efficient audit that saves your team time and reduces the number of daily distractions. Finally, we also provide management with prompt advice, recommendations, and responses to any questions or concerns. In other words, our process is designed to be minimally disruptive to your business or organization.
Why Selden Fox?
Selden Fox works with a multitude of Chicago companies, nonprofit organizations, and government entities providing financial statement audit services. Our team has a depth of experience that can only be gained from practical applications. We understand the need to facilitate a process built on a clear and defined process that is deadline focused and communication friendly.
Our Audit Services include:
- Financial statement audits
- Internal audits
- Internal control reporting
- 401(k), 403(b) and other retirement plan audits
- Single Audits
Contact Us
While a company may be required to go through an audit, it doesn’t mean the experience has to be a source of frustration or worse. If you are looking to change audit firms, or need assistance with an audit related issue, Selden Fox can help. For additional information call us at 630.954.1400 or click here to contact us. We look forward to speaking with you soon.
