An audit raises many scary questions for a business owner. It can invoke horrendous fear and induce sleepless nights of worry. It really doesn’t have to be that… in fact, it should inspire more security than fear. An audit can fall into three types all of which are used to inspire confidence rather than fear. Say for example to get a business loan or a line of extensive line credit to enable expansion, most investors require some type of audit. It is to be expected. They are used to assess the nature of risk in a business and the level of effectiveness of general controls (such as authorizations, account reconciliations and the segregation of duties — in short, to assess risk in who has controls over the cash. An audit can also look to compare transactions for accuracy to verify monetary transactions and how those transactions were processed. A financial institution may request for substantial analytical procedures to see if the numbers that are reported in a given scenario make sense. It is also a means to explain unusual behavior patterns in a companies business — such as a loss related to some tariff recently imposed or a limit of output caused by lack of employees for a needed productivity surge.
We can provide a plethora of auditing and auditing-related services which are aimed to be minimally invasive or completely comprehensive depending on your needs.
We can provide you with a complete and comprehensive look at your business and leave no stone unturned. This is particularly useful for those who may have inherited a business and want to sell the business but don’t know how to place a valuation on the assets or understand the cash inflow and outflow. After a careful examination and valuation, we offer an opinion with which you may place a value on the business or provide an action plan to make the business more attractive to a buyer. It may also be that a business is looking to expand and a lending institution wants more information before it solidifies a loan agreement. Our analysis can put you on a better footing BEFORE you approach an institution. This simple act lets the bank know you are doing your due diligence in making the business viable and worthy of investment.
It could also be your company has grown to such a level that it requires additional investment by means of going public or selling shares into the company. We can help to get you started and guide you with what to expect and assist with taking you to the next level so that you look attractive to new investors. We can provide you with information that those with funding mechanisms will be looking to see AND we will be your best friend. We will tell you the truth when we think you are ready OR what work you will need to do to move to the next level. Sometimes information is hard to receive as it may not be what you want to hear. Be believe that it is in your best interest to know the truth in how a bank, lender, investor or borrower will look at you. We are your partner in getting you to grow. We will not blow sunshine at you when the truth is far more risky.
An audit will typically include:
• Testing or examining some selected transaction for supporting documentation
• A complete physical inspection and observation of assets
• A top to bottom look at the internal controls of an organization and its financial structure.
A less invasive approach, these services offer engagement with limited assessment of a business’s financials. It is more in line with “following the money” to review client management and the analytical procedures in place to make sure your financial assets are safe. We state exactly what these assets/roles are and there is no duplication of roles in a firm what would cause alarm with those outside looking in. It follows those who have control of funds and how they have access. This reviews the steps and procedures to ensure there are adequate safe guards in place so someone involved in the firm does not go rogue. In auditing review, we look at your practices and align them with best practices to ensure proper accountability and that there are adequate safeguards in place for you, your business partners AND your investors. A review provides limited assurance that no material modifications to a financial statement are necessary — in other words, all your ducks are in a row and the proper paperwork backup necessary is in place. You have provided conformity to your accounting practices and provide enough confident into the understanding of accounting principles.
For those companies with limited funds, a compilation is a review of financial statements made by a firm’s outside accountant. We call this “write up work” in that it converts your compiled financial statements into data. It does not provide an opinion, assurances or judgements — it is simply a write-up of where you are at. Typically, the compilations are done a lower rate and they offer a chance to get a review of information without an extensive audit or reviewing process. There isn’t any benchmark testing or risk assessment nor are there any analytical procedures. What a compilation does do is put your financial statements in order and in a format that are comply with reasonably accepted accounting principles.
Most third parties rely on your financial statements and often require some form of audit or review to have your firm to be taken seriously for investment. Companies today can not wing it and the days of blind faith investments typical of the dot com era have come and gone. If you find your firm is in a position to grow but needs to reflect the company’s vision and looks good on paper, we are here to help. SCL CPA PC adheres to the highest professional accounting principles for technical accuracy, proficiency and ethical guidelines. We have a thorough history of providing excellent work at the highest standards that investors, regulators and lenders enjoy. We aim to make your firm look attractive on paper and ready for the next wave of growth.
SCL CPA PC adheres to the highest principles of technical accuracy, proficiency and ethical practice and has historically conformed to the requirements of professional standards.
SCL CPA PC is a full-service accounting firm offering Audit services in the metropolitan areas of Chicago and Milwaukee. We have office locations in South Barrington and Arlington Heights in the northwest suburbs of Chicago and in Kenosha in Wisconsin. Our three locations serve – South Barrington, Barrington, Hoffman Estates, Schaumburg, Palatine, Streamwood, Rolling Meadows, Hanover Park, Arlington Heights, Carpentersville, Bartlett, Lake Zurich, Roselle, Elgin, Buffalo Grove, Prospect Heights, Aurora, Naperville, Skokie, Wheaton, Winfield, Mount Prospect, Evanston, Cicero, Carol Stream, Itasca, Lombard, Niles, Park Ridge, Elk Grove Village, Northbrook, Deerfield, Franklin Park, Melrose Park, Glendale Heights, Glen Ellyn, Glenview, Morton Grove, Bensenville, Elmhurst, Wheeling, Addison, Kenosha, Salem, Racine, Mt. Pleasant, Sturtevant, Trevor, Burlington, Pleasant Prairie, Bristol, Zion, Antioch and other surrounding areas.
To learn more about our Audit services, get in touch with SCL CPA PC at (866) 725-9824 or (262) 658-3313. For your convenience, you can also email us at firstname.lastname@example.org to arrange your one-on-one consultation.
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