With whom is the auditor required to communicate regarding the Checkersrallys audit?
Checkersrallys Franchise · 2025 FDDAnswer from 2025 FDD Document
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 91)
What This Means (2025 FDD)
According to the 2025 FDD, when performing an audit in accordance with US GAAS (Generally Accepted Auditing Standards), the auditor is required to communicate with those charged with governance. This communication includes discussing the planned scope and timing of the audit.
Additionally, the auditor must communicate any significant audit findings to those charged with governance. This ensures that key issues identified during the audit process are brought to the attention of the appropriate individuals.
Finally, the auditor is also required to communicate certain internal control-related matters that were identified during the audit. This provides valuable insights into the effectiveness of Checkersrallys's internal controls and helps to identify areas for improvement.