Are the financial statements for Chick Fil A audited?
Chick_Fil_A Franchise · 2025 FDDAnswer from 2025 FDD Document
Exhibit "C" to this Disclosure Document includes (i) the audited consolidated financial statements of Chick-fil-A, Inc. and its subsidiaries, which comprise the consolidated balance sheets as of December 31, 2024 and 2023 and the related consolidated statements of comprehensive earnings, of stockholders' equity and of cash flows for each of the three years (2024, 2023, and 2022) in the period ended December 31, 2024.
Report of Independent Auditors
To the Board of Directors of Chick-fil-A, Inc.:
Opinion
We have audited the accompanying consolidated financial statements of Chick-fil-A, Inc. and its subsidiaries (the "Company"), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of comprehensive earnings, stockholders' equity and cash flows for the three years then ended, including the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company 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 audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' 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.
Source: Item 21 — Financial Statements (FDD page 102)
What This Means (2025 FDD)
Yes, according to Chick Fil A's 2025 Franchise Disclosure Document, the company's consolidated financial statements are audited. Item 21 of the FDD includes Exhibit C, which contains the audited consolidated financial statements of Chick-fil-A, Inc. and its subsidiaries. These statements comprise the consolidated balance sheets as of December 31, 2024, and 2023, along with the related consolidated statements of comprehensive earnings, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2024 (2024, 2023, and 2022).
The audit report included in Item 23 indicates that an independent auditor has examined Chick Fil A's financial statements. The auditors' opinion states that the financial statements present fairly the financial position of the company 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 (US GAAS).
The presence of an audit report from an independent auditor provides a level of assurance to potential franchisees that the financial information presented by Chick Fil A has been reviewed and verified by an objective third party. This is a standard practice in franchising, as audited financial statements enhance the credibility and reliability of the financial information provided in the FDD, assisting prospective franchisees in making informed investment decisions.