What does the auditor believe regarding the audit evidence obtained for Aunt Millies Bakeries?
Aunt_Millies_Bakeries Franchise · 2025 FDDAnswer from 2025 FDD Document
We conducted our audits 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 Perfection Bakeries, Inc. 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.
Source: Item 23 — RECEIPT (FDD pages 44–196)
What This Means (2025 FDD)
According to the 2025 FDD, the auditor for Aunt Millies Bakeries' parent company, Perfection Bakeries, Inc., believes that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion. This opinion relates to the consolidated financial statements of Perfection Bakeries, Inc.
The auditor's opinion indicates that the consolidated financial statements of Perfection Bakeries, Inc. present fairly, in all material respects, the financial position as of September 30, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America. This suggests that the auditor is satisfied with the accuracy and reliability of the financial information provided by the company.
For a prospective Aunt Millies Bakeries franchisee, this independent audit and positive opinion provide a level of assurance that the financial statements of the parent company have been thoroughly reviewed and are presented fairly. This can be an important factor in assessing the financial health and stability of the overall franchise system. It's important to note that while the audit provides reasonable assurance, it is not an absolute guarantee against material misstatements, especially those resulting from fraud.