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Local Government Entities

Local governments continue to face a variety of challenges. There is increasing scrutiny into their financial well-being from members of their Boards, residents, funding sources, debt issuers, and lending institutions, as well as tighter budgets and the need for difficult resource allocation decisions. In addition, new GASB pronouncements have changed the perspective of financial reporting, requiring additional information from finance directors and their staffs.

At Wolf & Company, we are aware of these challenges and have a clear understanding of how accounting, reporting and management issues affect the financial performance of local governmental entities. We have extensive experience in serving counties, cities, villages, parks, forest preserves, library districts and various state agencies throughout Illinois.

Wolf & Company LLP has broad experience in providing quality audit services in accordance with generally accepted auditing standards. Specific areas of expertise include the following:

  • Statement of Auditing Standards No. 99, which increases the auditor’s responsibility to evaluate the risk of fraud, design appropriate audit procedures and provide feedback of potential weaknesses
  • In-depth understanding of current financial reporting issues including implementation of GASB Statement No. 34 and subsequent pronouncements
  • Extensive experience in bond issuance and fund balance analysis

With governmental auditing and consulting being a major emphasis for our firm, our partners, managers and staff have significant experience and training in this area and are active participants in the Government Finance Officers Association (GFOA), the Illinois Government Finance Officers Association (IGFOA), the Illinois CPA Society’s Annual Government Report Review Conference and the GFOA’s Certificate of Achievement for Excellence in Financial Reporting Program.

In addition to our traditional audit, accounting and tax services, Wolf & Company LLP delivers services tailored specifically for local government entities. These include, but are not limited to:

Audit & Accounting Services:

  • Financial statement audits satisfying state and local government requirements
  • Single audits
  • Implementation of new GASB pronouncements

Financial Consulting:

Management and Operational Consulting:

For more information on our services for local government entities, contact:

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