Who are the Certified Public Accountants that audited the financial statements for Closet Storage Concepts?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT AUDITORS' REPORT
To the Shareholder Closets Unlimited of New Jersey, Inc. West Berlin, New Jersey
Opinion
We have audited the accompanying financial statements of Closets Unlimited of New Jersey, Inc. (a NJ corporation), which comprise the balance sheet as of December 31, 2024, and the related statements of operations, retained earnings, and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Closets Unlimited of New Jersey, Inc. as of December 31, 2024, and the results of its operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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 Closets Unlimited of New Jersey, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Closets Unlimited of New Jersey, Inc.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
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Auditor's Responsibilities for the Audit of the Financial Statements
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts's 2025 Franchise Disclosure Document, the financial statements of Closets Unlimited of New Jersey, Inc. for the year ending December 31, 2024, were audited. The audit report is addressed to the Shareholder of Closets Unlimited of New Jersey, Inc. located in West Berlin, New Jersey. The document does not explicitly name the Certified Public Accountants or firm responsible for conducting the audit.
While the report confirms that an audit was performed according to generally accepted auditing standards in the United States of America, it focuses on the responsibilities of both the management and the auditors in ensuring the fair presentation of the financial statements. The auditor's responsibility includes obtaining reasonable assurance that the financial statements are free from material misstatement.
Prospective franchisees should note that while the FDD includes audited financial statements, the specific name of the auditing firm is not disclosed within the provided excerpts. It is advisable for potential franchisees to request this information from Closet Storage Concepts directly to further assess the credibility and independence of the audit.