Are the financial statements for Ben Jerrys audited?
Ben_Jerrys Franchise · 2025 FDDAnswer from 2025 FDD Document
as of December 31, 2024 and 2023 | 3 | | Consolidated Statements of Operations for the years ended December 31, 2024 and 2023 | 4 | | Consolidated Statements of Changes in Shareholder's Equity for the years ended | 5 | | December 31, 2024 and 2023 | | | Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023 | 6 | | Notes to Consolidated Financial Statements | 7–19 |
KPMG LLP Suite 4000 150 John F. Kennedy Parkway Short Hills, NJ 07078-2702
Independent Auditors' Report
The Board of Directors Ben & Jerry's Franchising, Inc.
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Ben & Jerry's Franchising, Inc. and its subsidiary (the Company), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in shareholder's equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company 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 U.S. generally accepted accounting principles.
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 Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the 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 Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the consolidated financial statements are issued.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 89–133)
What This Means (2025 FDD)
According to Ben Jerrys's 2025 Franchise Disclosure Document, the consolidated financial statements for the years 2024 and 2023 have been audited by KPMG LLP. Their audit report expresses an opinion that the financial statements present fairly the financial position of Ben & Jerry's Franchising, Inc. in accordance with U.S. generally accepted accounting principles. The auditors state they conducted their audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and believe they have obtained sufficient evidence to support their opinion.
However, the FDD also indicates that the interim Q1 2025 financial statements as of March 31, 2025, are unaudited. The document explicitly states that these financial statements have been prepared without an audit, and prospective franchisees should be aware that no independent certified public accountant has audited these figures or expressed an opinion on their content or form.
This means that while Ben Jerrys provides audited financial statements for the past two fiscal years, the more recent interim financial data is not subject to the same level of scrutiny. Prospective franchisees should consider this when reviewing the financial performance of Ben Jerrys and understand the limitations of unaudited financial statements. It is common practice for franchisors to include audited statements for previous years and unaudited interim statements in their FDDs.