What statements of Burros Fries Franchise, Inc. are covered by the opinion?
Burros_Fries Franchise · 2024 FDDAnswer from 2024 FDD Document
INDEPENDENT AUDITOR'S REPORT
To the Stockholders' of Burros & Fries Franchise, Inc. Bonita, California
Opinion
We have audited the financial statements of Burros & Fries Franchise, Inc. (an S Corporation), which comprise the balance sheet as of December 31, 2023, and the related statement of operations and retained earnings and of cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Burros & Fries Franchise, Inc. as of December 31, 2023 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.
Basis for Opinion
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2024 FDD)
According to Burros Fries's 2024 Franchise Disclosure Document, the financial statements for specific periods have been audited, and the auditor has issued an opinion on them. Prudhomme Associates CPAs issued an Independent Auditor's Report, which includes their opinion on the financial statements of Burros Fries Franchise, Inc.
The auditor's opinion covers the balance sheet, statement of operations and retained earnings, statement of cash flows, and related notes. Specifically, the opinion states whether these financial statements present fairly the financial position of Burros Fries as of December 31, for the years 2021, 2022 and 2023, and the results of its operations and cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America.
The auditor's report also outlines the responsibilities of both the management of Burros Fries and the auditor. Management is responsible for preparing and fairly presenting the financial statements, while the auditor's responsibility is to express an opinion on those statements based on their audit. The audit is conducted in accordance with auditing standards generally accepted in the United States of America (GAAS), ensuring that the financial statements are free from material misstatement.