What ethical requirements are the auditors of Cinnabon required to meet in relation to their audits?
Cinnabon Franchise · 2025 FDDAnswer from 2025 FDD Document
We conducted our audits of the consolidated financial statements in accordance with auditing standards generally accepted in the United States of America (US 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 the Company 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 23 — Receipts (FDD pages 114–399)
What This Means (2025 FDD)
According to the 2025 Cinnabon Franchise Disclosure Document, the auditors, Grant Thornton LLP, are required to adhere to specific ethical standards. As stated in the 'Basis for opinion' section of their report, Grant Thornton LLP conducted their audits in accordance with auditing standards generally accepted in the United States of America (US GAAS). These standards dictate their responsibilities during the audit process.
Specifically, Grant Thornton LLP is required to be independent of GoTo Foods LLC and its subsidiaries, which is the parent company of Cinnabon. They must also meet other ethical responsibilities in accordance with the relevant ethical requirements relating to their audits. This independence ensures that the audit findings are objective and unbiased, providing a fair representation of the company's financial status.
The auditors believe that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion. This statement indicates that Grant Thornton LLP followed due diligence in gathering and assessing the financial data to form a well-supported opinion on the consolidated financial statements of GoTo Foods LLC.