What is the auditor's responsibility regarding the communication with those charged with governance for 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 1 800 Packouts's 2025 Franchise Disclosure Document, the auditor has specific communication responsibilities with those charged with governance. The auditor is required to communicate the planned scope and timing of the audit. This means that the auditor must inform the governing body about the extent and schedule of the audit activities.
Additionally, the auditor must communicate significant audit findings. This includes informing those charged with governance about any important issues or discrepancies that were discovered during the audit process. The communication ensures that the governing body is aware of the financial health and operational integrity of 1 800 Packouts.
Finally, the auditor is also required to communicate certain internal control related matters identified during the audit. This involves reporting any weaknesses or deficiencies in the company's internal controls that were observed during the audit. By communicating these matters, the auditor provides valuable insights that can help improve the company's internal control systems and overall governance.