What is the condition regarding the financial statements for Burneys Sweets More?
Burneys_Sweets_More Franchise · 2025 FDDAnswer from 2025 FDD Document
Thompson, Price, Scott, Adams & Co., P.A. Post Office Box 1690 Bizabethtown, North Carolina 28337 Telephone (910) 862-8129 Fox (910) 862-8120 R. Bryon Scott, CPA Gregory S. Adams, CPA Alan W. Thompson, CPA
Independent Auditors' Report
To the Board of Directors and Shareholders of DMG Burney, Inc.
We have audited the accompanying financial statements of DMG Burney, Inc. (a North Carolina Corporation) which comprise of the balance sheets as of December 31, 2023 and 2022 and the related statements of income, retained earnings 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 DMG Burney, Inc. as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of 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 DMG Burney, Inc. 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.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about DMG Burney, Inc.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Source: Item 23 — RECEIPT (FDD pages 50–199)
What This Means (2025 FDD)
According to Burneys Sweets More's 2025 Franchise Disclosure Document, the financial statements of DMG Burney, Inc. have been audited by Thompson, Price, Scott, Adams & Co., P.A., an independent auditor. The audit was conducted in accordance with generally accepted auditing standards in the United States of America. The auditor's report expresses an opinion that the financial statements present fairly, in all material respects, the financial position of DMG Burney, Inc. as of December 31, 2023 and 2022, 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 management of DMG Burney, Inc. is responsible for the preparation and fair presentation of the financial statements, as well as the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement. Management is also required to evaluate whether there are conditions or events that raise substantial doubt about the company's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
The independent auditor's report includes several key aspects of the audit process. It confirms that the audit was conducted with professional judgment and skepticism, assessing the risks of material misstatement due to fraud or error. The auditors examined evidence on a test basis, understood internal controls (though without expressing an opinion on their effectiveness), evaluated accounting policies and estimates, and considered the company's ability to continue as a going concern. The auditors are also required to communicate significant findings and internal control matters to those charged with governance.