What date was the audit opinion issued for Benihana?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of The ONE Group Hospitality, Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of The ONE Group Hospitality, Inc. and subsidiaries (the "Company") as of December 31, 2023, based on criteria established in Internal Control— Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control— Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2023, of the Company and our report dated March 12, 2024, expressed an unqualified opinion on those financial statements.
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the audit opinion on the company's internal control over financial reporting as of December 31, 2023, was issued on March 12, 2024. This opinion, provided by an independent registered public accounting firm, indicated that Benihana maintained effective internal control over financial reporting in all material respects based on criteria established in Internal Control— Integrated Framework (2013).
Additionally, the FDD includes another audit opinion on the consolidated financial statements of The ONE Group Hospitality, Inc. as of December 31, 2023 and 2022. This opinion, also from an independent registered public accounting firm, states that the financial statements present fairly the financial position, results of operations, and cash flows of the company in conformity with accounting principles generally accepted in the United States of America. This opinion was also issued on March 12, 2024.
Prospective franchisees should note that these audit opinions reflect the financial health and internal control effectiveness of The ONE Group Hospitality, Inc., the parent company of Benihana. Understanding these reports can provide insight into the financial stability and management practices of the franchisor, which can be a critical factor in evaluating the overall risk and potential success of a Benihana franchise.