FHH provides audit services to public and privately-held companies, not-for-profit entities, employee benefit plans, private schools and governmental entities. An audit provides the maximum level of assurance and is intended to provide a user comfort on the accuracy of the financial statements. The auditor performs procedures in order to obtain “reasonable assurance” (defined as high but not absolute level of assurance) about whether the financial statements are free from material misstatement. In an audit, the auditor is required to obtain an understanding of the business’s internal control and assess fraud risk. The auditor is also required to corroborate the amounts and disclosures included in your financial statements by obtaining audit evidence through inquiry, physical inspection, observation, third-party confirmations, examination, analytical procedures, and other procedures. FHH will issue a formal report that expresses an opinion on whether the financial statements are presented fairly, in all material aspects, in accordance with the applicable financial reporting framework. In addition, we are required to report to the company any significant or material weaknesses in its system of internal control that are identified during the audit. By becoming aware of internal control weaknesses and discussing these with your auditor, you might be able to improve the way you do business.

The review service is one in which FHH performs analytical procedures, inquiries, and other procedures to obtain “limited assurance” on the financial statements and is intended to provide a user with a level of comfort on their accuracy. The review is the base level of assurances services. In a review engagement, FHH is required to understand the industry in which the company operates—including the accounting principles and practices generally used in the industry. We are also required to obtain knowledge about the company—including its business and the accounting principles and practices that it uses—sufficient to identify areas in the financial statements where it is more likely that material misstatements may arise. A review is substantially narrower in scope than an audit. A review does not contemplate obtaining an understanding of our business’s internal control; assessing fraud risk; testing accounting records through inspection, observation, outside confirmation or the examination of source documents or other procedures ordinarily performed in an audit. In a review engagement, FHH will issue a formal report that includes a conclusion as to whether, based on the review, we are aware of any material modifications that should be made to the financial statements in order for them to be in accordance with the applicable financial reporting framework.

The objective of a compilation engagement is to apply accounting and financial reporting expertise to assist you in the presentation of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America. FHH will issue a report that will state that we did not audit or review the financial statements and that, accordingly, we do not express an opinion, a conclusion, nor provide any assurance on them.

An agreed-upon procedures (AUP) engagement is an attestation engagement in which a practitioner performs specific procedures on subject matter and reports the findings without providing an opinion or conclusion. The subject matter may be financial or nonfinancial information. We can customize an AUP engagement that addresses your specific areas of concern. At the conclusion of this engagement, FHH will issue a report in the form of procedures and findings.