Regarding Caring Senior Service's financial statements, were they prepared with an audit?
Caring_Senior_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT AUDITOR'S REPORT
To the Partners of Caring Senior Service Franchise Partnership, L.P.
Opinion
We have audited the accompanying financial statements of Caring Senior Service Franchise Partnership, L.P. (a Texas limited partnership) (the Partnership), which comprise the balance sheets as of December 31, 2024, 2023, and 2022, and the related statements of operations, changes in partners' capital, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 2024, 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. 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 Partnership 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.
Restatement
As discussed in Note 10 to the financial statements, management identified accounts receivable in a prior period that were not recorded in accordance with generally accepted accounting principles. Accordingly, certain adjustments have been made to properly reflect accounts receivable and revenue in the prior period. Our opinion is not modified with respect to this matter.
Source: Item 23 — RECEIPTS (FDD pages 53–204)
What This Means (2025 FDD)
According to the 2025 FDD, the financial statements of Caring Senior Service Franchise Partnership, L.P. have been audited by an independent auditor. The Independent Auditor's Report states that the audit was conducted in accordance with generally accepted auditing standards in the United States of America. The auditor's objective is to provide reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error.
The auditor's report includes an opinion that the financial statements present fairly the financial position of Caring Senior Service as of December 31, 2024, 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. This opinion suggests that the auditor believes the financial statements are reliable and fairly represent the company's financial performance and position.
The report also mentions a restatement related to accounts receivable. Management identified accounts receivable in a prior period that were not recorded in accordance with generally accepted accounting principles and adjustments were made. However, the auditor's opinion was not modified with respect to this matter, indicating that the restatement did not significantly impact the overall fairness of the financial statements. Prospective franchisees should review the auditor's report and the notes to the financial statements for a comprehensive understanding of Caring Senior Service's financial condition.