What is the auditor required to communicate to those charged with governance regarding the audit of Bonchon?
Bonchon Franchise · 2025 FDDAnswer from 2025 FDD Document
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Source: Item 23 — RECEIPTS (FDD pages 92–536)
What This Means (2025 FDD)
According to Bonchon's 2025 Franchise Disclosure Document, the auditor is required to communicate with those charged with governance regarding several aspects of the audit. These include the planned scope and timing of the audit, ensuring that those involved are aware of the audit's extent and schedule.
Furthermore, the auditor must communicate significant audit findings, which would encompass any noteworthy issues or discrepancies discovered during the audit process. This ensures transparency and allows for timely corrective action.
Lastly, the auditor is obligated to report certain internal control-related matters identified during the audit. This communication helps to highlight any weaknesses or areas for improvement in Bonchon's internal control systems, contributing to better financial oversight and risk management.