What auditing procedures were applied to the supplementary information for Closet Storage Concepts?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information on pages 18, 19 and 20 is presented for the purpose of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such information is fairly stated in all material respects in relation to the financial statements as a whole.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts's 2025 Franchise Disclosure Document, the supplementary information presented on pages 18, 19, and 20 underwent specific auditing procedures. These procedures were conducted to provide additional analysis and are not a required part of the financial statements. The supplementary information is the responsibility of Closet Storage Concepts's management and is derived directly from the company's accounting and other records used to prepare the financial statements.
The auditing procedures applied to the supplementary information included those used in the audit of the financial statements themselves. In addition, certain extra steps were taken, such as comparing and reconciling the supplementary information directly to the underlying accounting records or to the financial statements. These additional procedures were performed in accordance with auditing standards generally accepted in the United States of America.
The auditor's opinion is that the supplementary information is fairly stated in all material respects in relation to the financial statements as a whole. This suggests that prospective Closet Storage Concepts franchisees can have confidence that the supplementary information has been vetted and aligns with the broader financial picture of the company.