What does GAAS stand for in the context of the All States M.E.D. audit?
All_States_M_E_D Franchise · 2024 FDDAnswer from 2024 FDD Document
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 Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of All States M.E.D. Franchising, LLC. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 23 — RECEIPTS (FDD pages 44–174)
What This Means (2024 FDD)
According to All States M.E.D.'s 2024 Franchise Disclosure Document, GAAS stands for auditing standards generally accepted in the United States of America. This is in reference to the standards that the auditors adhere to when conducting their audit of All States M.E.D.'s financial statements.
The auditors state that they are required to be independent of All States M.E.D. Franchising, LLC, and to meet ethical responsibilities relevant to the audit. They also affirm that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion.
Furthermore, the document outlines the responsibilities of both the management of All States M.E.D. and the auditors in relation to the financial statements. Management is responsible for the preparation and fair presentation of the financial statements, while the auditors are responsible for expressing an opinion on these statements based on their audit. The audit aims to provide reasonable assurance that the financial statements are free from material misstatement.