Does the Counselor Realty FDD include an Independent Auditors' Report?
Counselor_Realty Franchise · 2025 FDDAnswer from 2025 FDD Document
[Item 21: FINANCIAL STATEMENTS]
Independent Auditors' Report
To Counselor Realty Franchising, Inc.
Opinion
We have audited the financial statements of Counselor Realty Franchising, Inc. (the Company), which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of operations, stockholder's equity and cash flows for the years ended December 31, 2024, 2023 and 2022 and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for the years ended December 31, 2024, 2023 and 2022 in accordance with accounting principles generally accepted in the United States of America (GAAP).
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 Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company 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.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with GAAP, 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 the Company's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditors' Responsibilities for the Audit of the Financial Statements
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 32)
What This Means (2025 FDD)
According to the 2025 Counselor Realty Franchise Disclosure Document, Item 21 includes an Independent Auditors' Report. The report expresses the opinion of the auditors on the fairness of the presentation of Counselor Realty's financial statements.
The Independent Auditors' Report covers the balance sheets as of December 31, 2024, and 2023, along with the statements of operations, stockholder's equity, and cash flows for the years ended December 31, 2024, 2023, and 2022. The auditors, Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, state that the financial statements present fairly the financial position of Counselor Realty in accordance with accounting principles generally accepted in the United States of America (GAAP).
The report outlines the responsibilities of both Counselor Realty's management and the auditors. Management is responsible for preparing the financial statements and maintaining internal controls, while the auditors are responsible for expressing an opinion on those statements based on their audit. The auditors' responsibilities include exercising professional judgment, assessing the risks of material misstatement, and evaluating the appropriateness of accounting policies used by Counselor Realty.