Audits - Reviews - Compilations
Trustworthy Chicago & Schererville Audits, Reviews, & Compilations
At Osaghae & Associates, Ltd., we understand how difficult it can be to make sense of your finances and get a comprehensive evaluation of your standing. Our skilled experts are here to provide you with the statements, analytics, and insights you need to comprehend your situation and optimize your operations. With our high-quality compilations, reviews, and audits, you can quickly analyze your company's efficiency, areas of potential improvement, and general financial status.
We are proud to serve nonprofits and small-to-midsize companies across the country from our offices in Chicago and Schererville. Our team is dedicated to your success and looks forward to learning about your passion for your chosen industry. We want to provide you with the tools you need to find new avenues of sustainable growth. Get in touch with Osaghae & Associates, Ltd. at our Chicago or Schererville office today, so we can figure out whether a compilation, review, or audit is best for your needs.
What's the Difference Between an Audit, Compilation, and Review?
Audits, reviews, and compilations provide three levels of scrutiny, organization, and analysis of your financial records and statements. Our skilled CPAs work closely with your company to provide authoritative, accurate, and reliable financial statements.
- Audits involve a comprehensive examination of your company's transactions and financial statements by an independent, qualified CPA. When we audit your financial statements and data, we search for issues with internal controls, material misstatements, and errors. Our team is committed to providing fair and unbiased results. When we've completed our work, we provide an audit report that gathers our findings and professional opinion. Our report highlights weaknesses and areas of potential improvement, so you have the chance to correct errors.
- Reviews offer a more comprehensive evaluation of your data than a compilation but are less extensive than an audit. Our team review your financial figures to make sure the numbers check out. We draw upon our knowledge of your company and industry, your data, and our accounting tools and analytics. When we complete the review, we can provide limited assurance that your institution's figures appear authentic and align with Generally Accepted Accounting Principles (GAAP).
- When we shape a compilation, we present your data in an easy-to-follow financial statement. You'll be provided with an organized and concise document that details your status from a management perspective. With a compilation, our team does not analyze your data to check whether it fits GAAP, so we will not offer an opinion on your financial statements.
Why Would I Consider a Compilation or Review?
A compilation offers outsiders a manager's perspective of your company's finances. We arrange your data into neatly-ordered documents that allow potential partners and investors to comprehend your situation. By simplifying your data and making it broadly accessible to those outside the financial industry, we can help you analyze and market your business.
Reviews can benefit your organization in many ways. Banks frequently require a review before providing a loan to check that your finances are correctly represented and secure. Some investors and potential partners may request a review before financially binding themselves to your institution. A review can help set their minds at ease and reassure them that your company is able to adjust to unexpected market issues.
How an Audit Can Benefit Your Organization
There are many reasons to receive an audit. If you represent a nonprofit, you are required to undergo yearly audits to verify your funding sources and check your overall expenses. You may want an audit for your small-to-midsize company to better understand your financial situation or apply for a substantial bank loan. When you receive an audit from us, you benefit from:
More Robust Internal Controls: Our comprehensive audit report addresses any areas of concern that we noted during our evaluation process. When you take our findings into account, you are well-positioned to correct and adjust components of your internal operations. Doing so allows you to streamline your accounting system, protect your assets, and save money.
Greater Confidence in Financial Statements: Potential stakeholders, investors, partners, and banks may require an external audit to make sure your company is financially sound. By undergoing an audit, you reassure potential investors, partners, and banks that your figures are correctly reported and your security systems function as intended.
Maintained Compliance with Federal or State Regulations: Depending on your industry, you may be obligated to undergo regular audits. Your regulating entity may require that an outside firm perform the audit to ensure a fair and transparent process.
Reliable Audits, Reviews, & Compilations to Meet Your Needs
Whether you require a compilation, review, or audit, our experts have the skillset and technology to effectively address your needs. We look forward to working alongside your business to provide you with logistical support, financial statements, and actionable insights. Contact Osaghae & Associates, Ltd. at our Chicago or Schererville office today so we can begin planning for your continued success!