Are the financial statements for Big Air Trampoline Park audited?
Big_Air_Trampoline_Park Franchise · 2025 FDDAnswer from 2025 FDD Document
Independent Auditor's Report
To the Members Big Air Franchising, LLC
Opinion
We have audited the financial statements of Big Air Franchising, LLC, which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of income, changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Big Air Franchising, LLC as of December 31, 2024 and 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.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). 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 independent of Big Air Franchising, LLC, and have fulfilled 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Big Air Franchising, LLC's ability to continue as a going concern within one year after the date that the financial statements are issued.
Auditor's Responsibilities for the Audit of the Financial Statements
Source: Item 23 — RECEIPT (FDD pages 53–255)
What This Means (2025 FDD)
According to Big Air Trampoline Park's 2025 Franchise Disclosure Document, the financial statements are indeed audited by an independent auditor. The FDD includes an Independent Auditor's Report that covers the balance sheets as of December 31, 2024 and 2023, along with the related statements of income, changes in stockholders' equity, and cash flows for the years then ended, including related notes. The auditor's opinion states that the financial statements present fairly, in all material respects, the financial position of Big Air Franchising, LLC as of December 31, 2024 and 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.
The audit was conducted following auditing standards generally accepted in the United States of America (GAAS). 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. The auditor also discusses their independence from Big Air Franchising, LLC and their belief that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion.
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. The auditor's report clarifies that while they assess internal controls, no opinion is expressed on the effectiveness of Big Air Franchising, LLC's internal control. This information is crucial for prospective franchisees as it provides an added layer of confidence in the financial data presented by Big Air Trampoline Park.