What is the auditor's opinion regarding the Crab N Spice Group's financial statements?
Crab_N_Spice Franchise · 2024 FDDAnswer from 2024 FDD Document
To the Management of CRAB N SPICE GROUP
Opinion
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 auditor, in their independent audit report, has given an opinion on the company's financial statements. The audit covered the balance sheets as of December 31, 2023, December 31, 2022, and December 31, 2021, along with the related profit and loss statements, statements of cash flows, statements of shareholders' equity, and related notes for the twelve-month periods then ended.
The auditor stated that the financial statements present fairly, in all material respects, the financial position of Crab N Spice as of December 31, 2023, December 31, 2022, and December 31, 2021. They also believe that the results of its operations and its cash flows for the twelve-month periods then ended are in accordance with accounting principles generally accepted in the United States of America.
This "unqualified opinion" is the best outcome of a financial audit. It means the auditor has no reservations about the fairness and reliability of Crab N Spice's financial statements. This provides potential franchisees with confidence that the financial information provided by Crab N Spice accurately reflects the company's financial status and performance over the past three years.