Audit And Assurance Services
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Audit & Assurance Services
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.
Chicago, IL
200 W Adams St, Ste 2015
Chicago, IL 60606
P: 312.346.2191
F: 312.346.2204
Chicago, IL
200 W Adams St, Ste 2015
Chicago, IL 60606
P: 312.346.2191
F: 312.346.2204
Chicago, IL
200 W Adams St, Ste 2015
Chicago, IL 60606
P: 312.346.2191
F: 312.346.2204
Independent Audit Services for Mission-Driven Organizations
Financial statement audits conducted under GAAS, with partner-level oversight on every engagement
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.
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. Not a junior team working without oversight.
Whatโs Included In Our Audit & Assurance Services
Not every organization needs a full audit. We match the right engagement to your requirements.
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.
Limited Assurance Review Engagement
A moderate assurance engagement. Your CPA applies analytical procedures and inquiry to confirm that nothing materially misleading appears in your financial statements, without full audit testing.
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.
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 organisations for an honest & transparent audit & assurance.
Brad Smith
Chief People Officer
Partner, Sheikh Osher Scott
Partner, Sheikh Osher Scott Advisory LLC
In addition to his role as Chief People Officer, Brad serves as the Firm’s Central Market Leader. In this role, he is responsible for overseeing relationships to ensure a coordinated and seamless service experience for clients served in the market. Brad is a Certified Public Accountant with extensive knowledge in accounting, auditing, financial reporting, strategic planning and Securities and Exchange Commissions (SEC) audit. Brad has significant experience working with clients in the industrial manufacturing, government & public sector and not-for-profit industries. Prior to joining Sheikh Osher Scott, Brad was the managing partner of a large regional accounting firm and was also a partner with a Big Four firm.
Brad Smith
Chief People Officer
Partner, Sheikh Osher Scott, Sheikh Osher Scott Advisory
As a Partner at Sheikh Osher Scott, Dave plays a pivotal role in the strategic direction and success of the company. He is a key contributor to the decision-making process, providing leadership and actively participating in the growth of the business. Additionally, Dave serves as the Chicago Market Leader, providing specialized guidance and unique insight to the Firm’s clients in the Chicago market. Dave brings his knowledge in strategic planning, business development and operations to his role, as well as his extensive knowledge in accounting, tax, business consulting and attestation services.
Services We Offer
Financial Statement Audits
Single Audit & Uniform Guidance
Reviews & Compilations
Form 990 Preparation & Filing
Internal Audit & Controls
Nonprofit & FQHC Audit
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.
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.
Featured 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
- Employee Benefit Plans
- Government-Funded Entities
- Construction
- Real Estate
- And more
All Industries We Serve
Consumer Goods
Financial Services
Government Contracting
Government & Public Sector
Healthcare
Higher Education
Industrial Manufacturing
Life Sciences
Not-for-Profit Organizations
Private Client Services
Private Equity
Professional Services
Why Chicago Organizations Choose Sheikh, Osher & Scott for Audit Services
Weโre 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 6โ10 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
Most mid-size organizations complete their audit in 6โ10 weeks. Timeline depends on organizational size, documentation readiness, and whether a Single Audit is required.
Illinois nonprofits typically require an audit when gross revenues exceed $300,000, when funders require it, or when federal expenditures trigger Uniform Guidance obligations.
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 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
