Are the financial statements for City Publications unaudited?
City_Publications Franchise · 2025 FDDAnswer from 2025 FDD Document
Independent Auditor's Report
To the Members CITY PUBLICATIONS FRANCHISE GROUP, INC. Atlanta, Geogia
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying balance sheets of CITY PUBLICATIONS FRANCHISE GROUP, INC. as of December 31, 2024, and 2023 and the related statements of operations, shareholders' (deficit), and cash flows for the years ended December 31, 2024, and 2023, and the notes to financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CITY PUBLICATIONS FRANCHISE GROUP, INC. as of December 31, 2024, and 2023, and the results of their operations and their cash flows for the years ended December 31, 2024, and 2023, 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 Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of CITY PUBLICATIONS FRANCHISE GROUP, INC. 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.
Other Matter
The financial statements of CITY PUBLICATIONS FRANCHISE GROUP, INC. for the year ended December 31, 2022, were audited by another auditor who expressed an unmodified opinion on those statements on March 15, 2023.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 38)
What This Means (2025 FDD)
According to City Publications' 2025 Franchise Disclosure Document, the financial statements have been audited by an independent auditor. The Independent Auditor's Report states that the auditor has audited the balance sheets of CITY PUBLICATIONS FRANCHISE GROUP, INC. as of December 31, 2024, and 2023, including the related statements of operations, shareholders' (deficit), and cash flows for the years then ended, and the notes to the financial statements.
The auditor's opinion is that the financial statements present fairly the financial position of City Publications as of December 31, 2024, and 2023, and the results of operations and cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.
The audit was conducted in accordance with auditing standards generally accepted in the United States of America (GAAS). The auditor's responsibilities include being independent of City Publications and meeting ethical responsibilities. The auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. The FDD also notes that the financial statements for the year ended December 31, 2022, were audited by another auditor who expressed an unmodified opinion on those statements on March 15, 2023.