With which organization is the accounting firm auditing Benihana registered?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
The Company's management is responsible for these financial statements. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the accounting firm auditing The ONE Group Hospitality, Inc., which is the parent company of Benihana National Corp., is registered with the Public Company Accounting Oversight Board (PCAOB). This is mentioned in several reports of independent registered public accounting firms included in the FDD.
The PCAOB is a non-profit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports. Registration with the PCAOB indicates that the accounting firm has met certain standards and is subject to regular inspections to ensure audit quality and compliance with regulations.
For a potential Benihana franchisee, this information provides assurance that the financial statements of the parent company are being audited by a firm that is subject to regulatory oversight. This can increase confidence in the financial health and stability of the Benihana franchise system. The reports included in the FDD cover multiple years, offering a view of the company's financial reporting and internal controls over time.