Are the financial statements of Cornwell Quality Tools audited?
Cornwell_Quality_Tools Franchise · 2025 FDDAnswer from 2025 FDD Document
ITEM 21. FINANCIAL STATEMENTS
Attached to this Disclosure Document as Exhibit A, are the following financial statements of Cornwell, that show at least the franchisor's balance sheet for the previous three fiscal yearends before the Disclosure Document issuance date and statements of operations, stockholders equity and cash-flows for each of the franchisor's previous three fiscal years:
The audited financial statements of Cornwell Quality Tools Company an Ohio corporation, for the fiscal years ended December 31, 2022, 2023 and 2024.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 100)
What This Means (2025 FDD)
According to Cornwell Quality Tools's 2025 Franchise Disclosure Document, the financial statements are indeed audited. Item 21 explicitly states that the audited financial statements of Cornwell Quality Tools Company, an Ohio corporation, for the fiscal years ended December 31, 2022, 2023, and 2024, are attached as Exhibit A to the Disclosure Document.
Furthermore, the presence of "Independent Auditor's Report" from Cohen & Company, LTD. for the fiscal years ending December 31, 2022, 2023 and 2024, reinforces that Cornwell Quality Tools's financial statements have undergone an audit by an independent accounting firm. The auditor's opinion confirms that the financial statements present fairly the financial position, results of operations, and cash flows of the company in accordance with generally accepted accounting principles in the United States of America.
For a prospective franchisee, this is a positive sign, as audited financial statements provide a higher level of assurance regarding the accuracy and reliability of the financial information presented. This allows potential franchisees to make more informed decisions about investing in a Cornwell Quality Tools franchise, based on a transparent view of the company's financial health and performance.