Is the Best Brains financial statement for December 31, 2023, audited?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
We have audited the accompanying financial statements of Best Brains Inc (an Illinois corporation), which comprise the balance sheets as of December 31, 2023 and the related statements of income, retained earnings, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Best Brains Inc as of December 31, 2023 and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the financial statement for the year ending December 31, 2023, was indeed audited. The FDD includes an independent auditor's report from both Anil Malhotra & Co. LTD and Accutax Bizsolutions LLC, indicating that they audited the financial statements of Best Brains Inc. for the fiscal year ending December 31, 2023. These reports express an opinion that the financial statements present fairly the financial position, results of operations, and cash flows of Best Brains Inc. for that period, in accordance with accounting principles generally accepted in the United States of America.
The presence of an independent auditor's report suggests that a certified public accountant has examined the financial statements and provided an opinion on their fairness and reliability. This is a standard practice to provide assurance to stakeholders, including potential franchisees, that the financial information is reasonably accurate and reliable. The audit was conducted in accordance with auditing standards generally accepted in the United States of America, which involves assessing the risks of material misstatement and examining evidence supporting the amounts and disclosures in the financial statements.
Prospective franchisees should review the full audited financial statements, including the balance sheets, income statements, statements of cash flow, and related notes, to gain a comprehensive understanding of Best Brains' financial condition and performance. Understanding the auditor's opinion and any qualifications or disclaimers included in the audit report is also crucial. This information can help potential franchisees assess the financial stability and viability of Best Brains as a franchise opportunity.