What are the auditors required to communicate to those charged with governance regarding the Atwell Suites audit?
Atwell_Suites 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 — Receipts (FDD pages 99–486)
What This Means (2025 FDD)
According to Atwell Suites's 2025 Franchise Disclosure Document, the auditors are required to communicate certain information to those charged with governance. This communication includes the planned scope and timing of the audit. This allows those overseeing the company to understand the extent and schedule of the audit activities.
Additionally, the auditors must report any significant audit findings. These findings could include issues with financial reporting, internal controls, or compliance with regulations. Sharing these findings ensures that those in charge are aware of any material issues identified during the audit process.
Finally, the auditors are obligated to communicate certain internal control-related matters that were identified during the audit. This involves informing the governance structure about any weaknesses or deficiencies in the company's internal controls that could impact financial reporting accuracy or compliance. This communication helps to improve the overall governance and oversight of Atwell Suites's financial operations.