On what date was the qualified opinion issued for Bb.Q Chicken's financial statements?
Bb_Q_Chicken Franchise · 2025 FDDAnswer from 2025 FDD Document
In our opinion, except for the effect of the matter described in the Basis for Qualified Opinion paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of BBDOTQ USA INC. and its Subsidiaries as of December 31, 2023 and 2022, 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.
Ridgefield Park, New Jersey
April 25, 2024
Source: Item 23 — RECEIPTS (FDD pages 62–283)
What This Means (2025 FDD)
According to Bb.Q Chicken's 2025 Franchise Disclosure Document, the qualified opinion for the financial statements for the years 2023 and 2022 was issued on April 25, 2024. This opinion, as stated in the Independent Auditor's Report, is subject to a matter described in the Basis for Qualified Opinion paragraph. The auditor believes that, except for the issue noted, the financial statements of BBDOTQ USA INC. and its Subsidiaries accurately reflect their financial position as of December 31, 2023 and 2022.
In addition, the Independent Auditors' Report on Consolidating Information states that the auditors also issued a report dated April 25, 2024, which expressed a qualified opinion on the consolidated financial statements for the period ended December 31, 2023 and 2022. This report appears on page 1 of the FDD. The auditors' work was conducted to form an opinion on the consolidated financial statements as a whole, and they do not express an opinion on the financial position, results of operation, and cash flows of the individual companies.
Prospective franchisees should carefully review the Basis for Qualified Opinion paragraph to understand the specific issue that led to the qualified opinion. This will help them assess any potential risks or implications for their investment in a Bb.Q Chicken franchise. Understanding the reasons behind a qualified opinion is a crucial part of due diligence before making a final decision.