Does the audit opinion for Crab N Spice Group cover the Statements of Cashflows?
Crab_N_Spice Franchise · 2024 FDDAnswer from 2024 FDD Document
We have audited the financial statements of CRAB N SPICE GROUP (the "Company"), which comprise the Balance Sheet as of December 31, 2023 & December 31, 2022 & December 31, 2021, the related Profit & Loss Statements, the related Statements of Cashflows, the related Statements of Shareholders' Equity, and the related notes for the twelve-month periods then ended. (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 & December 31, 2022 & December 31, 2021, and the results of its operations and its cash flows for the twelve-month periods then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 40–50)
What This Means (2024 FDD)
According to Crab N Spice's 2024 Franchise Disclosure Document, the independent accountant's audit report does indeed cover the Statements of Cashflows. The audit encompassed the financial statements of Crab N Spice Group, including the Balance Sheet as of December 31, 2023, December 31, 2022, and December 31, 2021, along with the related Profit & Loss Statements, Statements of Cashflows, Statements of Shareholders' Equity, and accompanying notes for the twelve-month periods then ended.
The audit opinion explicitly states that the financial statements present fairly the financial position of Crab N Spice Group as of December 31, 2023, December 31, 2022, and December 31, 2021. This includes the results of its operations and its cash flows for the twelve-month periods then ended, all in accordance with accounting principles generally accepted in the United States of America.
For a prospective franchisee, this means that the financial statements, including the Statements of Cashflows, have been examined by an independent accountant and deemed to be presented fairly and in accordance with standard accounting practices. This provides a level of assurance regarding the accuracy and reliability of the financial information presented, which is crucial for making informed investment decisions.