Full Independent Financial Audit
The highest level of assurance. Auditors independently test, verify, and express an opinion on whether your financial statements are fairly presented under GAAP.
Audit And Assurance Services
Our licensed CPAs deliver clear, timely reports while enhancing processes, supporting long-term growth.
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Independent Audit Services for Mission-Driven Organizations
Financial statement audits conducted under GAAS, with partner-level oversight on every engagement
Audit and assurance services based in Chicago, IL. Built for nonprofits, health centers, and private organizations that need accurate, compliant, independently verified financial statements that their boards, funders, and regulators can rely on.
A financial statement audit is the highest level of independent assurance a CPA firm provides. Conducted under Generally Accepted Auditing Standards (GAAS) and reporting on whether financial statements are presented fairly under GAAP, a financial statement audit gives your board, lenders, and funders independently verified confidence in your organization’s financial position.
Beyond the financial statement audit, we perform Single Audits for organizations expending $1 million or more in federal awards, and GATA, HUD, and other compliance audits — often combined with the financial statement audit in a single engagement.
At Sheikh, Osher & Scott CPAs & Advisors, every audit service engagement is structured with a clear request list, a defined timeline, and direct partner involvement from planning through final report delivery. Nonprofits, 501c3 organizations, Community Health Centers, and private businesses across Illinois receive the same senior-level attention — your engagement receives senior-level review throughout.
Engagement Levels
What’s Included In Our Audit & Assurance Services
Not every organization needs a full audit. We match the right engagement to your requirements.
Limited Assurance Review Engagement
A review provides limited assurance through inquiry and analytical procedures. It involves substantially fewer procedures than an audit and does not provide an audit opinion.
Basic Compilation of Financials
The foundational engagement level. Your CPA organizes and presents your financial data into properly formatted statements. No verification, no testing, no assurance opinion expressed.
Single Audit (Uniform Guidance)
Required when your organization expends $1 million or more in federal awards in a fiscal year. We audit your major federal programs and the Schedule of Expenditures of Federal Awards under the Uniform Guidance, alongside the financial statement audit.
Compliance Audits
GATA, HUD, and other funder- and regulator-mandated compliance audits for organizations receiving state and federal funding — scoped to the exact requirements your grant agreements and awards trigger.
Documented Risk Assessment
Risks vary from one business to another. Therefore, we begin every audit & assurance with a formal risk assessment. Not a generic, one-size-fits-all checklist.
Consistent Methodology
The same structured approach is applied across nonprofit, healthcare, business engagements, and other organizations for an honest and transparent engagement.
Services We Offer
Financial Statement Audits
Single Audit & Uniform Guidance
Reviews & Compilations
Form 990 Preparation & Filing
Internal Audit & Controls
Nonprofit & FQHC Audit
How It Works
Our Audit Process: What to Expect
Every audit engagement at Sheikh, Osher & Scott CPAs & Advisors follows a structured 5-step process, so your team always knows exactly where the audit stands and what comes next.
1
Engagement Planning
We align on scope, timeline, and your team's key contacts. You receive a complete request list before fieldwork begins.
2
Risk Assessment
We identify high-risk areas, review prior findings, and finalize the audit approach. Internal control considerations are assessed at this stage.
3
Fieldwork
Our team tests transactions, confirms balances, and reviews supporting documentation. Open items are resolved promptly with your designated internal contact.
4
Draft Report Review
We issue a draft report and management letter for your review. Questions are addressed before finalization. No surprises at the finish line.
5
Final Report Delivery
Your completed audit report, financial statements, and any required schedules are delivered in board-ready format, on the agreed timeline.
Not Sure Which Audit Engagement Your Organization Needs?
Our CPA firm helps nonprofits, health centers, and private businesses identify the right audit services before committing to scope or cost.
Industries
Industries We Serve as Your Audit & Assurance Partner
Sheikh, Osher & Scott CPAs & Advisors delivers audit services to organizations across industries where financial accuracy, grant compliance, and regulatory reporting carry the highest stakes.
- Nonprofits, Community Health Centers
- Private Companies
- Government-Funded Entities
- Construction
- Real Estate
- And more
Why SOS
Why Chicago Organizations Choose Sheikh, Osher & Scott for Audit Services
We’re an honest and transparent CPA firm built around structure, communication, and senior-level oversight.
- Direct partner involvement on every audit engagement based in Chicago, IL
- Clear request lists delivered before fieldwork begins. No surprises
- Single Audit and Uniform Guidance expertise for federally funded organizations
- Typical audit completion in 6–8 weeks for mid-size organizations
- AICPA-aligned audit standards with consistent quality review processes
- Dedicated engagement team familiar with nonprofit and FQHC reporting requirements
When your board, funders, and grantors need independently verified financials they can rely on, Sheikh, Osher & Scott CPAs & Advisors delivers, on time, with full transparency, every engagement.
FAQs
FAQs
How long does a financial statement audit take? +
Most mid-size organizations complete their audit in 6–8 weeks. Timeline depends on organizational size, documentation readiness, and whether a Single Audit is required.
When does a nonprofit need an audit? +
Illinois charity filing requirements are separate from GATA and federal audit requirements. For qualifying charities whose fundraising is carried out solely by staff and volunteers, annual contributions above $500,000 generally require an audit, and contributions from $300,000 to $500,000 generally require reviewed financial statements; paid professional fundraising arrangements can trigger a lower audit threshold. Exemptions, grant agreements, funder requirements, and federal award expenditures can independently change what’s required — we review your funding and filing obligations to confirm the right engagement.
What is the difference between an audit, review, and compilation? +
An audit provides the highest assurance level. A review provides limited assurance. A compilation organizes financial data with no assurance opinion expressed.
Get in Touch With Our Audit Team
Tell us about your organization and upcoming audit obligations. We will confirm the scope and next steps.
Get In Touch
Get in Touch with Sheikh, Osher & Scott CPA & Advisors Today
Contact us for a free consultation and learn how our audit and assurance services can bring clarity and confidence to your organization.
Address: 401 N. Michigan Ave. Suite 1217, Chicago, IL 60611
Email us: msheikh@soscpas.com
Call us: (312) 312-7272