With whom are auditors required to communicate regarding the audit of 1 800 Packouts?
1_800_Packouts Franchise · 2025 FDDAnswer from 2025 FDD Document
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Source: Item 23 — RECEIPT (FDD pages 67–238)
What This Means (2025 FDD)
According to the 2025 FDD, when performing an audit in accordance with generally accepted auditing standards, the auditors are required to communicate with those charged with governance. This communication includes the planned scope and timing of the audit. It also includes significant audit findings. Certain internal control related matters identified during the audit must also be communicated.
For a prospective 1 800 Packouts franchisee, this indicates that the audit process involves transparency and communication with relevant governing bodies. This ensures that key aspects of the audit, such as its scope, timing, and findings, are properly conveyed to those responsible for oversight.
This requirement helps maintain accountability and allows for informed decision-making based on the audit results. Franchisees can be assured that the financial reviews are thorough and that any significant issues or internal control matters are brought to the attention of the appropriate parties.