Are the financial statements for Bor Restoration audited?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
INDEPENDENT AUDITORS' REPORT
To Management and the Owner of BOR Franchising, LLC:
Opinion
We have audited the accompanying financial statements of BOR Franchising, LLC (the "Company"), which comprise the balance sheets as of December 31, 2022, 2021 and 2020, and the related statements of operations, owner's equity and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BOR Franchising, LLC as of December 31, 2022, 2021 and 2020, 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. 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 opinion.
Source: Item 21 — Financial Statements (FDD pages 39–40)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the financial statements have been audited by an independent auditor. The Independent Auditors' Report states that BOR Franchising, LLC's balance sheets as of December 31, 2022, 2021, and 2020, along with the related statements of operations, owner's equity, and cash flows for the years then ended, have been audited.
The auditor's opinion is that the financial statements present fairly the financial position of BOR Franchising, LLC as of December 31, 2022, 2021, and 2020, 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 in accordance with auditing standards generally accepted in the United States of America, and the auditors have confirmed their independence and ethical responsibilities. The auditors believe that the audit evidence they obtained is sufficient and appropriate to provide a basis for their opinion.