What auditing standards 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. 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' 2025 Franchise Disclosure Document, the supplementary information, found on pages 18, 19, and 20, underwent specific auditing procedures. These procedures were conducted to form an opinion on the financial statements as a whole, with the supplementary information presented for additional analysis and not as a required part of the financial statements. This supplementary information is the responsibility of Closet Storage Concepts' 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 comparing and reconciling the information directly to the underlying accounting and other records used to prepare the financial statements, or to the financial statements themselves. These 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 indicates that the information is considered reliable and consistent with the overall financial picture presented by Closet Storage Concepts.
For a prospective Closet Storage Concepts franchisee, this means that the supplementary financial data has been vetted to the same standards as the core financial statements, providing a degree of confidence in its accuracy and reliability for further analysis.