Are the financial statements for Chop5 Salad Kitchen unaudited?
Chop5_Salad_Kitchen Franchise · 2024 FDDAnswer from 2024 FDD Document
Independent Auditor's Report
To the Member CHOP5 Franchise LLC Louisville, Kentucky
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying balance sheets of CHOP5 Franchise LLC as of December 31, 2023, and 2022 and the related statements of operations, member equity and cash flows for the years ended December 31, 2023, 2022, and 2021, and the notes to financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CHOP5 Franchise LLC as of December 31, 2023, and 2022 and the results of their operations and their cash flows for the years ended December 31, 2023, 2022, and 2021 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 (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 CHOP5 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 50)
What This Means (2024 FDD)
According to Chop5 Salad Kitchen's 2024 Franchise Disclosure Document, the financial statements have been audited by an independent auditor. The Independent Auditor's Report states that the auditor has audited the balance sheets of CHOP5 Franchise LLC as of December 31, 2023, and 2022, and the related statements of operations, member equity, and cash flows for the years ended December 31, 2023, 2022, and 2021.
The report includes the auditor's opinion that the financial statements present fairly, in all material respects, the financial position of Chop5 Salad Kitchen as of December 31, 2023, and 2022, and the results of their operations and their cash flows for the years ended December 31, 2023, 2022, and 2021, 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 (GAAS). The auditor's responsibilities under those standards are described in the report, and they are required to be independent of Chop5 Salad Kitchen and to meet ethical responsibilities. The auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. This indicates that the financial statements have undergone a formal review and verification process by an independent party.