Are the financial statements for Bw Premier Collection audited?
Bw_Premier_Collection Franchise · 2025 FDDAnswer from 2025 FDD Document
Report of Independent Auditors
To the Board of Directors and Members of Best Western International, Inc.
Opinion
We have audited the consolidated financial statements of Best Western International, Inc. (the Company), which comprise the consolidated statements of financial position as of November 30, 2024 and 2023, and the related consolidated statements of revenues and expenses, other comprehensive revenues and expenses, cash flows and changes in net assets for the years then ended, and 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 at November 30, 2024 and 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 audits in accordance with auditing standards generally accepted in the United States of America (GAAS). 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 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 of material misstatement, whether due to fraud or error.
Source: Item 21 — Financial Statements (FDD page 54)
What This Means (2025 FDD)
According to Bw Premier Collection's 2025 Franchise Disclosure Document, the consolidated financial statements of Best Western International, Inc., which includes Bw Premier Collection, are audited by Ernst & Young LLP. The independent auditors' report included in the FDD expresses an opinion on the fairness of the presentation of the company's financial position as of November 30, 2024 and 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. This audit provides assurance that the financial statements are free of material misstatement.
The auditors' responsibilities include conducting the audit in accordance with auditing standards generally accepted in the United States of America (GAAS), being independent of the company, and obtaining sufficient and appropriate audit evidence to provide a basis for their opinion. Management is responsible for the preparation and fair presentation of the financial statements, including the design, implementation, and maintenance of internal control relevant to the preparation of financial statements that are free of material misstatement.
The audit also requires the auditors to evaluate whether there are conditions or events that raise substantial doubt about the company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued. They are also required to communicate with those charged with governance regarding the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters identified during the audit.
Prospective franchisees can take comfort in knowing that Bw Premier Collection's financial statements have been examined by an independent accounting firm. This audit adds credibility to the financial information presented in the FDD and can help franchisees make more informed decisions. The auditor's report, along with the financial statements, provides valuable insights into the financial health and stability of the Bw Premier Collection brand.