Audit & Assurance Services for Businesses in Chicago, IL
At Lewis CPA, we’ve been providing auditing and assurance services to clients nationwide for almost forty years. Based in Chicagoland, we are a team of accounting professionals dedicated to easing the burden of a financial statement audit so you can present your business results with confidence.
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Professional Financial Statement Audit
We are committed to providing a full range of exceptional accounting services. We audit firms in Chicago and across the country, offering tax preparation, IRS (Internal Revenue Service) representation, financial reports, limited assurance, and reasonable assurance. Our professional staff works with small family operations and large corporations, providing stability and security to allow businesses to confidently go about doing what they do best.
Which Companies Are Required to Obtain Audited Financial Statements?
Public companies are legally mandated to undergo annual financial audits, which form part of the assurance services process. These audits are essential for verifying the accuracy of financial records and ensuring tax compliance. The audit reports must be filed with the Securities and Exchange Commission (SEC), assuring investors and other stakeholders.
For private companies, while there is no legal requirement, financial audits may still be necessary for various business purposes. Lenders, investors, and insurance companies often require audited statements to make informed decisions. Compliance audits can help private companies meet these requirements, particularly in situations involving mergers, acquisitions, or securing financing. Additionally, audited financial statements offer an extra layer of confidence and transparency, enhancing trust with business partners.
Retirement plans with a large number of participants must also undergo audits. The IRS mandates that plans with 100 or more participants must have their financial records audited, ensuring they meet specific regulatory standards. This requirement highlights the importance of assurance services audit and advisory services in maintaining the integrity of financial operations across various entities. Engaging professional CPAs for these audits ensures thoroughness, accuracy, and adherence to all regulatory requirements.
Our Audit & Attest Services
Business is built on the numbers – we’ll help you understand them. Accurate financial reporting gives you the certainty you need to manage your business and grow into the future.
Financial Statement Audit
Lewis has ranked among Chicago’s elite financial auditing companies for decades. We provide expert financial statement audits to small businesses, non-profits, and corporations of all sizes.
Financial Statement Review
Not everyone needs a full-scale audit. Sometimes financial statement reviews can provide all the information required at a much lower cost and we offer these services as well.
Financial Statement Compilation
Financial statement compilations offer less assurance than a review. Often, all you will need is help to prepare statements for presentation, and we can provide you with excellent service at attractive rates.
Agreed-Upon Procedures
Perhaps you have very specific needs outside the scope of a full financial statement. We can help with agreed-upon audit services in whatever area you require, from simple contracts to regulation compliance to testing accounting software.
Internal Audits
At Lewis.cpa, we provide companies with peace of mind through our internal audit services, ensuring a comprehensive understanding of your business’s finances, internal controls, risks, and regulatory compliance. By addressing these areas, we help you maximize efficiency and profitability.
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Secure Your Business’s Financial Integrity
Our expert staff has centuries’ worth of professional experience in auditing and assurance. Confidence is just a phone call or email away.
Contact usAudit Services for Your Business
At Lewis CPA, we provide financial audit services for small businesses – and large companies. Whether you’re a corner grocery, a huge law firm, a mid-sized contractor, or a not-for-profit agency, we can give you a clear understanding of your organization’s financials.
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We work with a wide range of retailers in Chicagoland and beyond. We can help you understand your numbers, from financial statements to tax preparation to inventory management.
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Law firms are a particular Lewis CPA specialty – we’re here to represent you. We can give you an accurate understanding of your business's financial footing, through audits, financial forecasting, statements, and more. We’ll also ready you for tax time and provide expert counsel in any IRS audit.
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How do you build a strong construction company? By having a stable financial foundation. We can give you that through consultation, financial statements, and reasonable assurance.
We offer a full range of not-for-profit audit services to community service organizations, hospitals, environmental organizations, schools – and everyone else who’s not in it for the money. These include financial statements, reviews, internal audits, and more.
Why Choose Our Audit Firm
Why Lewis CPA? We are a professional, certified accounting firm with a sterling reputation known far and wide and deep expertise in audit and assurance processes. Simply put we’re reliable, dependable, and stand behind our work.
Remote Services
Nationwide
Deep Expertise
Solutions-Driven
Our Business Audit Process
Our team has business auditing down to a science. And our step-by-step process will keep you up-to-date and informed all along the way.
Planning
Our staff will meet with your management, study your organization, come up with goals and objectives, and draw up a framework. Then we’ll provide you with a memo of the scope of the project so that you understand all aspects.
Fieldwork
Fieldwork puts into practice the accounting and auditing you requested. We’ll thoroughly review your books, talk to key players, conduct surveys, and analyze all financial aspects of your business. This can be done remotely or onsite.
Review
Once fieldwork concludes we’ll review our findings, giving you details and insights into your company’s finances. We’ll draft an initial report – and then go over it thoroughly with management. Again, locally or via video conferencing.
Reporting
The final report represents the last step of the process. This is the fully-fledged audit or financial statement that was agreed upon. When we’re done, you’ll have a deep understanding of your company’s financial standing.
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Business Audit & Assurance FAQs
How much do auditing services cost?
Audits and fiscal statements vary widely in price, depending upon their size and scope. A small company may take less time and cost relatively less, whereas a large corporation can take months and be far more expensive. We’ll be straight with you right from the beginning.
Can a non-CPA prepare financial statements?
Want to do your own books? The law allows non-CPAs to compile financial statements but not to officially prepare them. And would you really want to? Your numbers are critical to the success of your business. Why risk putting them in the hands of an amateur? With our team, your finances are in the best hands possible.
How long does an audit process take?
Audit duration varies with financial complexity and business size, typically lasting weeks. While we handle most tasks, we'll need your time for meetings and documentation. We aim to minimize disruptions and work collaboratively to ensure a smooth, efficient audit process for your organization.
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Take Control of Your Finances
Let our expert auditors at Lewis.cpa uncover the true story behind your numbers. Whether you're a local startup or a national enterprise, we'll provide the insights you need to thrive. Contact us today to schedule your comprehensive audit.