What does the audit report for Carbones Pizzeria contain regarding the auditor's responsibilities?
Carbones_Pizzeria Franchise · 2025 FDDAnswer from 2025 FDD Document
he year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis of Opinion
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 Auditor's Responsibilities for the Audit of the consolidated 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.
Responsibilities of Management for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Source: Item 22 — CONTRACTS (FDD page 30)
What This Means (2025 FDD)
According to Carbones Pizzeria's 2025 Franchise Disclosure Document, the independent auditor's report outlines the auditor's responsibilities in conducting the audit. The report for the fiscal year ending October 31, 2024, states that the audit was conducted in accordance with auditing standards generally accepted in the United States of America. These standards require the auditor to be independent of the company and to meet ethical responsibilities relevant to the audit. The auditor's responsibilities are further described in the section of the report titled "Auditor's Responsibilities for the Audit of the consolidated Financial Statements".
The auditor's primary responsibility is to express an opinion on whether the consolidated financial statements present fairly the financial position of M&T Pizza Incorporated and Subsidiaries as of October 31, 2024, 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 must obtain sufficient and appropriate audit evidence to provide a basis for their audit opinion.
In contrast, management is responsible for the preparation and fair presentation of the consolidated financial statements, the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error and for evaluating the company's ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued.