What does the auditing firm believe regarding the audit evidence they obtained for Benjamin Franklin Plumbing?

According to the 2025 FDD, the auditing firm believes that the audit evidence they obtained for Authority Brands Inc., the parent company of Benjamin Franklin Plumbing, is sufficient and appropriate to provide a basis for their audit opinion. They conducted their audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). These standards require them to be independent of the company and to meet ethical responsibilities related to the audit.

The auditors' responsibilities include obtaining reasonable assurance about whether the consolidated financial statements are free from material misstatement, whether due to fraud or error. They exercise professional judgment, maintain professional skepticism, identify and assess risks of material misstatement, and evaluate the appropriateness of accounting policies and the reasonableness of significant accounting estimates.

It is important to note that while the auditors aim to detect material misstatements, reasonable assurance is not absolute, and there is a risk that material misstatements, particularly those resulting from fraud, may not always be detected. The auditors' report includes their opinion on whether the consolidated financial statements present fairly the financial position, results of operations, and cash flows of Authority Brands Inc. in accordance with accounting principles generally accepted in the United States of America.