What does the auditing firm believe regarding the audit evidence obtained during the Buona audit?
Buona 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 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.
Source: Item 22 — CONTRACTS (FDD page 78)
What This Means (2025 FDD)
According to Buona's 2025 Franchise Disclosure Document, the auditing firm, R.J. Augustine & Associates, Ltd., believes that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion. This opinion is related to the financial statements of Chicago's Original Italian Beef Franchising LLC.
The auditors' report indicates that they conducted the audit in accordance with generally accepted auditing standards in the United States of America. These standards require the auditors to be independent of the company and to meet ethical responsibilities relevant to the audit.
In their opinion, the financial statements present fairly, in all material respects, the financial position of Chicago's Original Italian Beef Franchising LLC as of December 29, 2024, and December 31, 2023, and the results of its operations and its cash flows for the fiscal years then ended, in accordance with accounting principles generally accepted in the United States of America. This statement provides assurance to potential franchisees that the financial statements of Buona are presented accurately and reliably, based on the audit evidence reviewed.