What is the name of the accounting firm that served as Benihana's auditor?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
/s/ Plante & Moran PLLC
We served as the Company's auditor from 2018 to 2021.
Boulder, Colorado
March 19, 2021
F-4
THE ONE GROUP HOSPITALITY, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share information)
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to evaluation of long-lived asset impairment indicators included the following, among others:
- We tested effectiveness of internal controls over the Company's long lived asset impairment indicator evaluation.
- We evaluated the reasonableness of the Company's evaluation of impairment indicators by:
- Testing long-lived restaurant assets for possible indications of impairment, including searching for locations with current period losses or projected losses
- Performing inquiries of management regarding the process and assumptions used to identify potential indicators of impairment and evaluating the consistency of the assumptions with evidence obtained in other areas of the audit
- Inspecting minutes of the board of directors, the Company's public statements, operating plans, and industry data to identify any evidence that may contradict management's assumptions
- We tested the completeness and accuracy of the underlying source information used by management to identify quantitative indicators of impairment.
/s/ Deloitte & Touche LLP
Denver, Colorado March 16, 2022
We have served as the Company's auditor since 2021.
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders The ONE Group Hospitality, Inc.
Opinion on the Financial Statements
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, Plante & Moran PLLC served as the company's auditor from 2018 to 2021. Their audit expressed an opinion on the company's financial statements based on their audits, adhering to the standards of the Public Company Accounting Oversight Board (PCAOB). The audit aimed to obtain reasonable assurance that the financial statements were free of material misstatement.
In 2021, Benihana switched auditors. Deloitte & Touche LLP has served as Benihana's auditor since 2021. Their audit procedures included testing the effectiveness of internal controls over the company's long-lived asset impairment indicator evaluation. They evaluated the reasonableness of the company's evaluation of impairment indicators by testing long-lived restaurant assets for possible indications of impairment, performing inquiries of management, and inspecting minutes of the board of directors, the company's public statements, operating plans, and industry data.
Prospective franchisees should note the change in auditors and the periods each firm covered. Understanding the financial oversight and any potential implications of auditor changes can be a crucial part of assessing the financial health and reporting practices of Benihana. Reviewing the specific opinions and reports issued by both Plante & Moran PLLC and Deloitte & Touche LLP, if available, may provide additional insights.