Who is the auditor for Belocal's financial statements?
Belocal Franchise · 2025 FDDAnswer from 2025 FDD Document
Dallas Office 2425 N Central Expy. Suite 200 Richardson, TX 75080 Phone 972 238 5900 Fax 972 692 5357
Independent Auditor's Report
To the Stockholders N2 Franchising, Inc. Wilmington, North Carolina
Report on the Financial Statements
Opinion
We have audited the financial statements of N2 Franchising, Inc. (the "Company"), which comprise the balance sheets as of June 30, 2025 and 2024, and the related statements of operations, changes in stockholders' equity and cash flows for the years ended June 30, 2025, 2024 and 2023, and related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of N2 Franchising, Inc. as of June 30, 2025 and 2024 and the results of its operations, changes in stockholders' equity and cash flows for the years ended June 30, 2025, 2024 and 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 (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 N2 Franchising, Inc. 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 70–71)
What This Means (2025 FDD)
According to Belocal's 2025 Franchise Disclosure Document, the financial statements of N2 Franchising, Inc., which includes Belocal, were audited by AGLLP. Their report covers the balance sheets as of June 30, 2025, and 2024, along with the statements of operations, changes in stockholders' equity, and cash flows for the years ending June 30, 2025, 2024, and 2023. AGLLP's opinion is that the financial statements present fairly the financial position of N2 Franchising, Inc.
AGLLP conducted their audits in accordance with auditing standards generally accepted in the United States of America (GAAS). These standards require the auditor to be independent and to meet ethical responsibilities. The auditor's report includes their opinion on whether the financial statements are free from material misstatement.
The responsibility for the financial statements, including their preparation and fair presentation, lies with the management of N2 Franchising, Inc. Management is also responsible for internal controls relevant to the preparation of the financial statements. The auditor's role is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor's report including their opinion.
Prospective Belocal franchisees should understand that the financial statements reflect the financial position and performance of N2 Franchising, Inc., and that AGLLP's audit provides an independent assessment of those statements. Reviewing the auditor's report and the financial statements themselves is a crucial part of assessing the financial health of the franchisor.