What ethical responsibilities are the auditors required to meet in relation to their audit of Bevaris Alliance?
Bevaris_Alliance Franchise · 2024 FDDAnswer from 2024 FDD Document
he 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 Bevaris Alliance Franchise System, LLC as of December 31, 2023 and 2022, 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.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Bevaris Alliance Franchise System, LLC and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
This document was downloaded from franchimp.com. All the information on this website is published in good faith and for general information purpose only. FranChimp.com does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this website (FranChimp.com), is strictly at your own risk. We will not be liable franchimp.com any losses and/or damages in connection with the use of our website.
Source: Item 23 — RECEIPT (FDD pages 22–88)
What This Means (2024 FDD)
According to the 2024 FDD, the auditors of Bevaris Alliance Franchise System, LLC must adhere to specific ethical responsibilities as part of their audit. The auditors are required to be independent of Bevaris Alliance Franchise System, LLC and must meet other ethical responsibilities in accordance with the relevant ethical requirements pertaining to their audit. This ensures that the audit is conducted with objectivity and integrity.
In conducting their audit, the auditors must exercise professional judgment and maintain professional skepticism. They are tasked with identifying and assessing the risks of material misstatement in the financial statements, whether due to fraud or error, and designing audit procedures to address these risks. These procedures involve examining evidence related to the amounts and disclosures within the financial statements on a test basis.
The auditors' responsibilities also include obtaining an understanding of internal controls relevant to the audit. This understanding is used to design appropriate audit procedures, though the auditors do not express an opinion on the effectiveness of Bevaris Alliance's internal control systems. Furthermore, the auditors evaluate the appropriateness of the accounting policies used, the reasonableness of significant accounting estimates made by management, and the overall presentation of the financial statements. Finally, the auditors must communicate with those charged with governance regarding the scope and timing of the audit, significant findings, and any internal control-related matters identified during the audit.