Who audited the Christian Brothers Automotive financial statements?
Christian_Brothers_Automotive Franchise · 2025 FDDAnswer from 2025 FDD Document
To the Board of Directors of Christian Brothers Automotive Corporation
Opinion
We have audited the consolidated financial statements of Christian Brothers Automotive Corporation, which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of income, changes in shareholders' equity and cash flows for the years then ended, and the related notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Christian Brothers Automotive Corporation as of December 31, 2024 and 2023, and the results of their operations and their 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 (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 Christian Brothers Automotive Corporation 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.
Responsibilities of Management for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Christian Brothers Automotive Corporation's ability to continue as a going concern for one year from the date the consolidated financial statements are available to be issued.
Auditors' Responsibilities for the Audit of the Consolidated Financial Statements
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 75)
What This Means (2025 FDD)
According to Christian Brothers Automotive's 2025 Franchise Disclosure Document, the consolidated financial statements for the company were audited by an independent auditor. The Independent Auditors' Report is addressed to the Board of Directors of Christian Brothers Automotive Corporation. The auditor conducted the audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Their responsibilities included obtaining reasonable assurance about whether the financial statements were free from material misstatement, issuing an auditor's report that includes their opinion, exercising professional judgment, assessing risks, and evaluating accounting policies.
The auditor's opinion states that the consolidated financial statements present fairly, in all material respects, the financial position of Christian Brothers Automotive Corporation as of December 31, 2024 and 2023, and the results of their operations and their cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.
For a prospective franchisee, this indicates that Christian Brothers Automotive's financial statements have been reviewed by an independent party, adding a level of credibility to the financial information presented. However, the specific name of the auditing firm is not disclosed in this excerpt. It is important to note that an audit provides reasonable assurance, but it is not a guarantee that no misstatements exist. A prospective franchisee may want to inquire with Christian Brothers Automotive to obtain the name of the independent auditor for further verification.