Are the financial statements for Bw Premier Collection prepared by an independent auditor?
Bw_Premier_Collection Franchise · 2025 FDDAnswer from 2025 FDD Document
Ernst & Young LLP
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, 2023 and 2022, 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, 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.
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.
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 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.
Auditor's Responsibilities for the Audit of the Financial Statements
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 an independent auditor, Ernst & Young LLP. The Report of Independent Auditors states that Ernst & Young LLP has audited the consolidated financial statements of Best Western International, Inc. for the years ending November 30, 2023 and 2022, and November 30, 2024 and 2023.
The auditor's opinion indicates that the financial statements present fairly the financial position, results of operations, and cash flows of the company in accordance with accounting principles generally accepted in the United States of America. This opinion provides assurance to potential Bw Premier Collection franchisees that the financial statements have been reviewed by an independent party and are presented in a fair and consistent manner.
The audit was conducted in accordance with auditing standards generally accepted in the United States of America (GAAS). These standards require the auditor to be independent and to meet ethical responsibilities. The auditor's responsibilities include obtaining reasonable assurance about whether the financial statements are free of material misstatement, whether due to fraud or error.
The auditor's report also details the responsibilities of the management of Best Western International, Inc. in preparing the financial statements, including the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements. Management is also required to evaluate the Company's ability to continue as a going concern. This division of responsibilities between the auditor and management ensures that both parties play a role in the integrity of the financial reporting process.