With whom is the auditor required to communicate regarding the audit of Craters & Freighters?
Craters_Freighters Franchise · 2025 FDDAnswer from 2025 FDD Document
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control—related matters that we identified during the audit.
Wipfli LLP
St. Louis, Missouri March 26, 2025
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 49)
What This Means (2025 FDD)
According to Craters & Freighters' 2025 Franchise Disclosure Document, the auditor is required to communicate with those charged with governance. This communication includes the planned scope and timing of the audit. It also covers significant audit findings and certain internal control-related matters identified during the audit.
For a prospective Craters & Freighters franchisee, this indicates that the company's financial audits are subject to oversight by an independent party who is responsible for communicating important information to those in charge of governing the company. This helps ensure transparency and accountability in the financial reporting process.
The auditor's communication with those charged with governance is a standard practice in financial auditing, ensuring that key stakeholders are informed about the audit process, findings, and any internal control issues. This promotes good governance and helps maintain the integrity of the financial statements.
The audit for the financial statements as of December 31, 2024, was conducted by Wipfli LLP, located in St. Louis, Missouri, and the report was issued on March 26, 2025.