Are Bhc's financial statements audited or unaudited?

According to Bhc's 2025 Franchise Disclosure Document, the company provides both audited and unaudited financial statements. Specifically, Exhibit C to the disclosure document contains Bhc USA LLC's audited financial statements for the fiscal years ended as of December 31, 2024, along with an independent accountant's compilation report. The FDD also states that it includes an unaudited opening balance sheet. Bhc's fiscal year-end is December 31st.

The inclusion of audited financial statements provides a higher level of assurance to potential franchisees. An audit involves a thorough examination of the company's financial records by an independent accounting firm, providing an opinion on whether the financial statements fairly present the company's financial position and results of operations in accordance with generally accepted accounting principles.

The independent auditor's report included in Item 23 confirms that CHI & NAM LLP, Certified Public Accountants, audited the consolidated financial statements of BHC USA LLC and its subsidiaries as of December 31, 2024. The auditor's opinion states that the financial statements present fairly the financial position, results of operations, and cash flows of Bhc USA LLC and its subsidiaries in accordance with accounting principles generally accepted in the United States of America.