Are the financial statements for Chatime unaudited?
Chatime Franchise · 2025 FDDAnswer from 2025 FDD Document
50 Rockefeller Plaza New York, NY 10020 T 212.697.1000 F 212.202.5107 citrincooperman.com
INDEPENDENT AUDITOR'S REPORT
To the Member Chatime Franchise LLC
Opinion
We have audited the accompanying financial statements of Chatime Franchise LLC (a limited liability company) which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of operations and member's equity (deficit) 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 Chatime Franchise LLC as of December 31, 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. 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 Chatime Franchise LLC 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.
Source: Item 21 — Financial Statements (FDD page 58)
What This Means (2025 FDD)
According to Chatime's 2025 Franchise Disclosure Document, the financial statements have been audited by an independent auditor. The Independent Auditor's Report states that Citrin Cooperman audited the balance sheets as of December 31, 2024 and 2023, along with the related statements of operations, member's equity (deficit), and cash flows for the years then ended.
The report explicitly provides the auditor's opinion that the financial statements present fairly Chatime Franchise LLC's financial position as of December 31, 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.
The audit was conducted in accordance with auditing standards generally accepted in the United States of America, and the auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. The auditor's responsibilities include obtaining reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and issuing an auditor's report that includes their opinion.
This indicates that Chatime's financial statements have undergone a formal audit process by an independent and qualified firm, providing a higher level of assurance regarding the accuracy and reliability of the financial information presented in the FDD.