With whom is the auditor required to communicate regarding the planned scope and timing of the audit of Aira Fitness?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT ACCOUNTANT AUDIT REPORT
To the Management of AIRA FITNESS FRANCHISING LLC
Opinion
We have audited the financial statements of AIRA FITNESS FRANCHISING LLC (the "Company"), which comprise the Balance Sheet as of December 31, 2024 & December 31, 2023 & December 31, 2022, the related Profit & Loss Statements, the related Statements of Cashflows, the related Statements of Shareholders' Equity, and the related notes for the twelve-month periods then ended. (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 & December 31, 2023 & December 31, 2022, and the results of its operations and its cash flows for the twelve-month periods then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
The 2025 Aira Fitness FDD includes an Independent Accountant Audit Report addressed to the Management of AIRA FITNESS FRANCHISING LLC. The report outlines the auditor's opinion on the company's financial statements, which include the Balance Sheet as of December 31, 2024, December 31, 2023, and December 31, 2022, as well as the related Profit & Loss Statements, Statements of Cashflows, Statements of Shareholders' Equity, and related notes for the twelve-month periods then ended.
The report states that the audit was conducted in accordance with auditing standards generally accepted in the United States of America (GAAS), and it describes the auditor's responsibilities under those standards. These responsibilities include being independent of the company and meeting ethical requirements. The auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion.
The report also details management's responsibilities for the financial statements, which include the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. Therefore, the auditor communicates the planned scope and timing of the audit with the management of Aira Fitness Franchising LLC.