Does Buff City Soap include unaudited financial statements?
Buff_City_Soap Franchise · 2025 FDDAnswer from 2025 FDD Document
Report of Independent Auditors
To the Management of Buff City Soap Franchising, LLC
Opinion
We have audited the accompanying financial statements of Buff City Soap Franchising, LLC (the "Company"), which comprise the balance sheets as of December 29, 2024 and December 31, 2023, and the related statements of operations, of member's deficit and of cash flows for the years then ended, including the related notes (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 29, 2024 and December 31, 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 audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' 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 audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other Matter
The financial statements of the Company for the year ended January 1, 2023 were audited by other auditors whose report, dated September 29, 2023, expressed an unmodified opinion on those statements.
Source: Item 21 — Financial Statements (FDD page 69)
What This Means (2025 FDD)
According to the 2025 Buff City Soap FDD, the company's financial statements have been audited by independent auditors. The FDD includes a "Report of Independent Auditors" that expresses an opinion on the fairness of the financial statements.
The auditors state that they have audited the balance sheets as of December 29, 2024, and December 31, 2023, along with the statements of operations, member's deficit, and cash flows for the years then ended. Their opinion is that these financial statements present fairly the financial position of Buff City Soap Franchising, LLC as of those dates, and the results of its operations and cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.
The presence of an independent auditor's report indicates that the financial statements have undergone an external audit, providing a higher level of assurance regarding their reliability. The report also mentions that the financial statements for the year ended January 1, 2023, were audited by other auditors, who also expressed an unmodified opinion on those statements. This suggests that Buff City Soap has consistently used independent auditors to review its financial statements.