What specific financial statement is the subject of the audit opinion for Chocolate Fish Coffee?
Chocolate_Fish_Coffee Franchise · 2024 FDDAnswer from 2024 FDD Document
T REPORT
To the Management of CHOCOLATE FISH FRANCHISING LLC
Opinion
We have audited the financial statements of CHOCOLATE FISH FRANCHISING LLC (the "Company"), which comprise the Balance Sheet as of December 31, 2023, and the related notes for the period then ended. (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023, and the results of its operations and its cash flows for the period ended December 31, 2023, 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 (GAAS). 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 Company 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 41)
What This Means (2024 FDD)
According to Chocolate Fish Coffee's 2024 Franchise Disclosure Document, the audit opinion covers the company's financial statements, which include the balance sheet as of December 31, 2023, and related notes for the period then ended. The independent accountant's audit report states that the financial statements present fairly the financial position of Chocolate Fish Coffee as of that date, as well as the results of its operations and cash flows for the period, in accordance with accounting principles generally accepted in the United States of America.
The audit was conducted following auditing standards generally accepted in the United States of America (GAAS). These standards require the auditor to be independent and meet ethical responsibilities. The auditor believes the evidence obtained is sufficient and appropriate to provide a basis for their opinion. Management is responsible for preparing the financial statements and maintaining internal controls, while the auditor's responsibility is to provide an opinion on those statements.
Prospective franchisees should understand that the audit provides a level of assurance about the accuracy and reliability of the financial information presented. This is important for assessing the financial health and stability of Chocolate Fish Coffee. The notes accompanying the financial statements are an integral part of the audit and provide additional details on the company's accounting policies, operations, and potential risks. Reviewing these notes can give a more comprehensive understanding of Chocolate Fish Coffee's financial standing.