Are the Bb.Q Chicken financial statements audited by an independent auditor?
Bb_Q_Chicken Franchise · 2025 FDDAnswer from 2025 FDD Document
Assets | 18,709,596 | 14,654,962 |
ONE STATION PLAZA
RIDGEFIELD PARK, NJ 07660 TEL: (201)699-0969 FAX:(201)917-5017 sseo@scjcpa.com
Independent Auditors' Report
To the Board of Director and Stockholders of BBDOTQ USA, Inc.:
Opinion
We have audited the accompanying consolidated financial statements of BBDOTQ USA, Inc and its subsidiaries (the 'Company") which comprise the balance sheet as of December 31, 2024 and 2023, and the related statements income and retained deficit and cash flows for the years then ended 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 BBDOTQ USA INC. and its Subsidiaries as of December 31, 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.
Basis of 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 Company 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 the fair presentation of these 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Company's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 62)
What This Means (2025 FDD)
According to Bb.Q Chicken's 2025 Franchise Disclosure Document, the company's consolidated financial statements for 2024 and 2023 include an Independent Auditors' Report. The report, prepared by an independent auditor, expresses an opinion on the fairness of the presentation of Bb.Q Chicken's financial position as of December 31, 2024 and 2023. The auditor states that the audit was conducted according to generally accepted auditing standards in the United States of America, ensuring reasonable assurance that the financial statements are free from material misstatements. This indicates that the financial statements have been audited by an independent auditor.
Specifically, the Independent Auditors' Report states that the auditor is required to be independent of the company and to meet ethical responsibilities in accordance with relevant ethical requirements. The auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. Management is responsible for the preparation and fair presentation of the financial statements, including the design, implementation, and maintenance of internal controls.
However, the 2025 FDD also contains a balance sheet as of February 28, 2025, which is explicitly noted as being prepared without an audit. The document advises prospective franchisees to note that no independent certified public accountant has audited these figures or expressed an opinion on their content or form. This indicates that while audited financial statements are available for prior years, not all financial statements included in the FDD are audited.