What matters are the auditors required to communicate regarding the Card My Yard audit?
Card_My_Yard Franchise · 2025 FDDAnswer from 2025 FDD Document
- C. Audits. We or our designees will have the right at all reasonable times to review, audit, examine and copy your books and records relating to the Card My Yard business. If any required payments to us are delinquent, or if an examination or audit should reveal that any payments have been understated in any report to us, then you must pay to us upon demand the amount overdue or understated with interest determined in accordance with Section V.I. If an examination or audit discloses an understatement in any report of two percent (2%) or more, you must, in addition, reimburse us for all costs and expenses connected with the audit (including, without limitation, legal and accounting fees and costs). These remedies shall be in addition to any other remedies we may have atlaw or in equity.
- D. No Waiver. Our receipt or acceptance of any of the statements furnished or amounts paid to us (or the cashing of any check or processing of any electronic fund transfer) will not preclude us from questioning the correctness thereof at any time, and, in the event that any errors are discovered in such statements or payments, you must immediately correct the error and make the appropriate payment to us.
Source: Item 23 — RECEIPTS (FDD pages 84–259)
What This Means (2025 FDD)
Based on the 2025 Card My Yard Franchise Disclosure Document, Card My Yard or its designees have the right to review, audit, examine, and copy a franchisee's books and records relating to the Card My Yard business at all reasonable times. If any required payments are delinquent, or if an audit reveals that payments have been understated in any report to Card My Yard, the franchisee must pay the amount overdue or understated with interest.
If the audit uncovers an understatement in any report of 2% or more, the franchisee must reimburse Card My Yard for all costs and expenses connected with the audit, including legal and accounting fees. These remedies are in addition to any other remedies Card My Yard may have at law or in equity.
Card My Yard's acceptance of any statements furnished or amounts paid does not prevent them from questioning the correctness of those statements or payments at any time. If errors are discovered, the franchisee must immediately correct the error and make the appropriate payment to Card My Yard.