Are the financial statements for Cilantro Taco Grill audited?
Cilantro_Taco_Grill Franchise · 2024 FDDAnswer from 2024 FDD Document
Report of Independent Auditors
To the Member(s) of CTG Franchise, LLC
Report on the Financial Statements
We have audited the accompanying financial statements of CTG Franchise, LLC, an Illinois Limited Liability Company, which comprise the balance sheet as of December 31, 2023 and 2022, and the related statements of operations, equity, and cashflows for the years then ended, and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 51)
What This Means (2024 FDD)
According to the 2024 FDD, the financial statements of CTG Franchise, LLC, which operates as Cilantro Taco Grill, have been audited by independent auditors. The Report of Independent Auditors states that the auditors have audited the balance sheet as of December 31, 2023 and 2022, along with the statements of operations, equity, and cash flows for the years then ended, and related notes.
The audit was conducted in accordance with auditing standards generally accepted in the United States of America, which require the auditors to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. The auditors' responsibility is to express an opinion on these financial statements based on their audits.
This indicates that Cilantro Taco Grill's financial statements have undergone an independent review to ensure they are presented fairly and in accordance with generally accepted accounting principles. This can provide potential franchisees with a higher level of confidence in the financial information provided in the FDD.