3 Important Considerations When Choosing an Auditor in Chicago

By Brent Townsend

Looking for a qualified Business Financial Auditor in Chicago?

Whether you are choosing an finance auditor in Chicago for the first time or just looking for a switch from your current accounting firm, there are three important considerations when making your selection.

Fees

Clearly, the first thing on everyone’s mind are fees. Of course, managing costs are important for all businesses; however, that should not be the main decision-making factor when you are selecting an accounting firm. While some would like to think that all auditors are the same and we all can perform an efficient and effective audit, as the saying goes, sometimes you get what you pay for. Therefore, it is important to also highly consider the following factors when selecting your next auditor, rather than just who can perform it the cheapest.

Industry Reputation

The auditor or accounting firm that you choose should be considered one of your trusted advisers, so it only makes sense to select a firm that is highly trusted within its industry and community. By selecting a highly reputable firm and auditor with whom you are comfortable, you will gain peace of mind knowing the work will be performed effectively and give you that proper oversight you may be looking for.

Relationship with Your Bank

The main reason you may be looking for an auditor could be due to your bank requiring it for you to comply with covenants related to your debt obligations. Because of that, your accountant’s relationship with your bank or loan officer is very important.  Just like the firm’s reputation as a whole, the reputation they have with your bank is just as important.

With this connection, if you ever experience delays in closing your books or have a down year and possibly failing covenants, the bank may be more likely to extend deadlines or waive failed covenants, should they be needed, if they know that a trusted and respected firm is working on your account.

Similarly, depending on the total debt leverage you have with the bank, your bank may only allow you to select auditors with whom they have those relationships. So, in circumstances where you expect continued growth, it’s a better idea to choose an accounting firm that has positive relationship with your bank from the very beginning, rather than being forced to switch and incurring additional transition costs.

For more information about our auditing services in the Chicago Suburbs, call DHJJ at 630-420-1360 or fill out the form below.

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