What is the auditor's responsibility regarding independence from Bigfoot Forestry during the audit?
Bigfoot_Forestry Franchise · 2025 FDDAnswer from 2025 FDD Document
We conducted our audits 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 Statement section of our report. We are required to be independent of Bigfoot Franchising, LLC 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, Metwally CPA PLLC is required to be independent of Bigfoot Franchising, LLC and to meet ethical responsibilities based on auditing standards generally accepted in the United States of America. The auditor's report states that they believe the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion.
Metwally CPA PLLC's audit objectives include obtaining reasonable assurance about whether the financial statement is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. While reasonable assurance is a high level of assurance, it is not absolute, and there is no guarantee that an audit will always detect a material misstatement.
The auditor's responsibilities also include exercising professional judgment and maintaining professional skepticism throughout the audit, identifying and assessing the risks of material misstatement, obtaining an understanding of internal control relevant to the audit, evaluating the appropriateness of accounting policies used, and concluding whether there are conditions or events that raise substantial doubt about Bigfoot Franchising, LLC's ability to continue as a going concern.