Is the auditor expressing an opinion on the effectiveness of Cinnabon's internal control as part of the audit?

According to the 2025 Cinnabon Franchise Disclosure Document, the auditor's report from Grant Thornton LLP addresses the consolidated financial statements of GoTo Foods LLC and subsidiaries. The report explicitly provides an opinion on whether these financial statements present fairly the financial position, results of operations, and cash flows of the company in accordance with accounting principles generally accepted in the United States of America.

The auditor's responsibilities, as described in the report, include conducting the audit in accordance with auditing standards generally accepted in the United States of America. These standards require the auditor to be independent and to meet ethical responsibilities. The auditor's report also states that management is responsible 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.

However, the auditor's opinion does not explicitly extend to the effectiveness of the company's internal control. The report focuses on the fair presentation of the financial statements themselves, based on the audit evidence obtained. While the audit process involves considering internal controls to plan the audit and determine the nature, timing, and extent of audit procedures, the auditor is not providing a separate opinion on the effectiveness of those controls.

Prospective Cinnabon franchisees should understand that the financial statements have been audited for accuracy and fair presentation, but the audit report does not offer assurance about the operational effectiveness of Cinnabon's internal controls. If this is a concern, franchisees may want to ask Cinnabon for additional information about their internal control environment.