Are the Baya Bar financial statements prepared by an independent auditor?
Baya_Bar Franchise · 2024 FDDAnswer from 2024 FDD Document
Independent Auditor's Report
To the Members Baya Bar Franchise System, LLC Staten Island, New York
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying balance sheets of Baya Bar Franchise System, LLC as of December 31, 2023, and 2022 and the related statements of operations, members' equity and cash flows for the years ended December 31, 2023, 2022, and 2021, 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 Baya Bar Franchise System, LLC as of December 31, 2023, and 2022, and the results of their operations and their cash flows for the years ended December 31, 2023, 2022, and 2021, 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 (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 Baya Bar Franchise System, 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.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 55–56)
What This Means (2024 FDD)
According to Baya Bar's 2024 Franchise Disclosure Document, the company's financial statements have been audited by an independent auditor. The Independent Auditor's Report states that the auditor has audited the balance sheets as of December 31, 2023, and 2022, along with the statements of operations, members' equity, and cash flows for the years ended December 31, 2023, 2022, and 2021.
The auditor's opinion is that the financial statements present fairly the financial position of Baya Bar Franchise System, LLC as of December 31, 2023, and 2022, and the results of their operations and their cash flows for the years ended December 31, 2023, 2022, and 2021, in accordance with accounting principles generally accepted in the United States of America.
The audit was conducted following auditing standards generally accepted in the United States of America (GAAS). These standards require the auditor to be independent of Baya Bar Franchise System, LLC and to meet ethical responsibilities. The auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. This indicates that an objective third party has reviewed Baya Bar's financial records and provided an unbiased opinion on their accuracy and reliability.