Are the financial statements for Bang Cookies audited?
Bang_Cookies Franchise · 2024 FDDAnswer from 2024 FDD Document
To the Members of Bang Cookies Franchise, LLC
Opinion
We have audited the accompanying financial statements of Bang Cookies Franchise, LLC (the Company), which comprise the balance sheet as of December 31, 2023 and the related statements of operations, members' equity, and cash flows for the period from January 19, 2023 to December 31, 2023 and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bang Cookies Franchise, LLC as of December 31, 2023 and the results of its operations and its cash flows for the period from January 19, 2023 to December 31, 2023, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. 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 Bang Cookies Franchise, LLC 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 from material misstatement, whether due to fraud or error.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 55–56)
What This Means (2024 FDD)
According to Bang Cookies' 2024 Franchise Disclosure Document, the financial statements have been audited by Metwally CPA PLLC. The Independent Auditor's Report states that the audit was conducted following generally accepted auditing standards in the United States of America. The audit covered the balance sheet as of December 31, 2023, and the related statements of operations, members' equity, and cash flows for the period from January 19, 2023, to December 31, 2023.
The auditor's opinion is that the financial statements present fairly, in all material respects, the financial position of Bang Cookies Franchise, LLC as of December 31, 2023, and the results of its operations and cash flows for the specified period, in accordance with accounting principles generally accepted in the United States of America. This opinion provides a level of assurance that the financial statements are reliable and free from material misstatements.
The audit involved exercising professional judgment, assessing risks of material misstatement, examining evidence on a test basis, and evaluating the appropriateness of accounting policies and the reasonableness of management's estimates. The auditor also considered Bang Cookies' ability to continue as a going concern. This information is crucial for prospective franchisees as it provides an independent assessment of the franchisor's financial health and stability, which is a key factor in evaluating the overall risk and potential success of the franchise opportunity.