What standards were used to conduct the audit of Bevaris Alliance's financial statements?
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.
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Source: Item 23 — RECEIPT (FDD pages 22–88)
What This Means (2024 FDD)
According to the 2024 FDD, the audit of Bevaris Alliance Franchise System, LLC's financial statements was conducted in accordance with auditing standards generally accepted in the United States of America. The auditor's report states that these standards require the auditor to be independent and to meet ethical responsibilities related to the audit. The auditor believes that the evidence obtained was sufficient and appropriate to provide a basis for their opinion.
The auditor's responsibilities include obtaining reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and issuing an auditor's report that includes their opinion. However, reasonable assurance is not absolute, and there is no guarantee that a material misstatement will always be detected. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error.
In performing the audit, the auditor exercises professional judgment and maintains professional skepticism, identifies and assesses the risks of material misstatement, obtains an understanding of internal control, and evaluates the appropriateness of accounting policies and the reasonableness of significant accounting estimates. They also conclude whether there are conditions or events that raise substantial doubt about Bevaris Alliance's ability to continue as a going concern. The auditor is required to communicate with those charged with governance regarding the scope and timing of the audit, significant audit findings, and certain internal control related matters.