Are the financial statements for Christian Brothers Automotive audited?
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.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 75)
What This Means (2025 FDD)
According to Christian Brothers Automotive's 2025 Franchise Disclosure Document, the financial statements are indeed audited by an independent auditor. The Independent Auditors' Report included in the FDD provides an opinion on the consolidated financial statements of Christian Brothers Automotive Corporation.
The auditor's report confirms that the audit was conducted according to generally accepted auditing standards in the United States of America (GAAS). The report outlines the responsibilities of both the management of Christian Brothers Automotive and the auditors in relation to the financial statements, ensuring that they are presented fairly and in accordance with accounting principles generally accepted in the United States of America.
Specifically, the audit covers 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, including notes to the financial statements. This indicates a thorough review and validation of the financial information presented, offering potential franchisees a higher level of confidence in the financial health and reporting practices of Christian Brothers Automotive.