What auditing standards were used in the audit of Bigfoot Forestry's balance sheet?
Bigfoot_Forestry Franchise · 2025 FDDAnswer from 2025 FDD Document
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 the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 23 — RECEIPT (FDD pages 42–162)
What This Means (2025 FDD)
According to Bigfoot Forestry's 2025 Franchise Disclosure Document, the company's financial statements were audited in accordance with generally accepted auditing standards in the United States of America. This is explicitly stated within the Independent Auditor's Report issued by Metwally CPA PLLC.
Specifically, the auditor's report outlines the responsibilities of both the management of Bigfoot Forestry and the auditor. Management is responsible for preparing and fairly presenting the financial statements in accordance with accounting principles generally accepted in the United States of America, including designing, implementing, and maintaining internal controls. The auditor's responsibility is to express an opinion on these financial statements based on their audit.
The audit aims to provide reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error. The auditor exercises professional judgment and maintains skepticism throughout the audit, assessing the risks of material misstatement, examining evidence on a test basis, and evaluating the appropriateness of accounting policies and the reasonableness of management's estimates. This process ensures that the financial statements provide a fair representation of Bigfoot Forestry's financial position and results of operations.