Who served as the independent registered public accounting firm 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.
Basis for Opinion
The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the 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.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
The 2024 Benihana Franchise Disclosure Document states that the Report of Independent Registered Public Accounting Firm audited the internal control over financial reporting of The ONE Group Hospitality, Inc. and subsidiaries as of December 31, 2023. The report, dated March 12, 2024, expressed an unqualified opinion on those financial statements.
This indicates that an independent accounting firm assessed the financial controls and statements of The ONE Group Hospitality, Inc., Benihana's parent company, for the fiscal year 2023. An unqualified opinion suggests that the accounting firm found no material weaknesses in the company's internal controls over financial reporting.
Prospective Benihana franchisees should be aware of the financial health and reporting practices of the parent company, as this can impact the stability and support provided to the franchise system. Reviewing the audit reports and understanding the auditor's opinion can provide valuable insights into the financial management of The ONE Group Hospitality, Inc.