On what pages of the Beggars Pizza FDD can I find the Independent Auditor's Report?
Beggars_Pizza Franchise · 2025 FDDAnswer from 2025 FDD Document
[Item 21: FINANCIAL STATEMENTS]
INDEPENDENT AUDITOR'S REPORT
Members Beggars Pizza Franchise, LLC Blue Island, Illinois
Opinion
We have audited the accompanying financial statements of Beggars Pizza Franchise, LLC, which comprise the balance sheet as of December 31, 2024 and 2023, and the related statements of income, members' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Beggars Pizza Franchise, LLC 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 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 Beggars Pizza 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.
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 Beggars Pizza Franchise, LLC's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditor's Responsibilities for the Audit of the Financial Statements
[Item 21: FINANCIAL STATEMENTS]
INDEPENDENT AUDITOR'S REPORT
Members Beggars Pizza Franchise, LLC Blue Island, Illinois
Opinion
We have audited the accompanying financial statements of Beggars Pizza Franchise, LLC, which comprise the balance sheet as of December 31, 2023 and 2022, and the related statements of income, members' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Beggars Pizza Franchise, LLC 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.
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 Beggars Pizza 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.
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 Beggars Pizza Franchise, LLC's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditor's Responsibilities for the Audit of the Financial Statements
[Item 21: FINANCIAL STATEMENTS]
INDEPENDENT AUDITOR'S REPORT
Members Beggars Pizza Franchise, LLC Blue Island, Illinois
Opinion
We have audited the accompanying financial statements of Beggars Pizza Franchise, LLC, which comprise the balance sheet as of December 31, 2022 and 2021, and the related statements of income, members' equity, 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 Beggars Pizza Franchise, LLC as of December 31, 2022 and 2021, 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 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 Beggars Pizza 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.
Restatement to Prior Period Financial Statements
As disclosed in Note 5, the Company elected to pay the Illinois Pass-Through Entity Tax ("PTE Tax") on behalf of the members. The 2021 financial statements were restated to reflect the PTE Tax payment totaling $35,586 as a distribution to members rather than miscellaneous expense as previously reported.
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
Responsibilities of Management for the Financial Statements (cont'd)
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 39)
What This Means (2025 FDD)
According to the 2025 Beggars Pizza Franchise Disclosure Document, the Independent Auditor's Report can be found on multiple pages within Item 21, which covers the financial statements. Specifically, reports are included for the years ended December 31, 2024 (page 42), December 31, 2023 (page 53), and December 31, 2022 (page 65). These reports offer an independent opinion on the fairness and accuracy of Beggars Pizza's financial statements for those years.
These independent audits are crucial for prospective franchisees as they provide an unbiased assessment of Beggars Pizza's financial health. The auditor's opinion confirms whether the financial statements are presented fairly and in accordance with generally accepted accounting principles. This helps potential franchisees make informed decisions by understanding the financial stability and performance of the franchise system.
The reports include details such as the responsibilities of Beggars Pizza's management in preparing the financial statements and the auditor's responsibilities in conducting the audit. The auditor's responsibilities include exercising professional judgment, assessing risks of material misstatement, and evaluating the appropriateness of accounting policies. This ensures that the audit is conducted thoroughly and objectively.
For a prospective Beggars Pizza franchisee, reviewing these reports is an essential step in due diligence. It allows them to understand the financial history and current financial position of the franchise, assess any potential risks, and gain confidence in the financial management of the company. Paying close attention to the dates and scope of each audit report is important for a comprehensive understanding.