What judgment should be made regarding Aira Fitness's ability to continue as a going concern during an audit?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
924 W. 75th Street Suite 120 - 189 Naperville, IL 60565 +1 (815) 348-2421 omar@napercpa.com
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)
According to Aira Fitness's 2025 Franchise Disclosure Document, independent accountant audit reports included in the document offer an opinion on the company's financial statements. Specifically, these reports, which cover balance sheets, profit and loss statements, cash flow statements, statements of shareholders' equity, and related notes for the twelve-month periods ending on December 31, 2024, December 31, 2023, and December 31, 2022, state the auditor's opinion.
The auditor's opinion explicitly states that the accompanying financial statements present fairly, in all material respects, the financial position of Aira Fitness Franchising LLC as of the specified dates. This assessment extends to the results of its operations and cash flows for the corresponding twelve-month periods. The opinion is based on accounting principles generally accepted in the United States of America.
This "clean" opinion from the independent auditor suggests that, based on the information available during the audit, there were no significant issues identified that would cast substantial doubt on Aira Fitness's ability to continue as a going concern. The audit was conducted in accordance with generally accepted auditing standards (GAAS), reinforcing the reliability of the opinion. Prospective franchisees can take some comfort in the fact that the company's financials have been reviewed by an independent accountant and found to be fairly presented.