What does the auditing firm for Crave believe provides a sufficient and appropriate basis for their audit opinion?
Crave Franchise · 2025 FDDAnswer from 2025 FDD Document
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's 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.
Source: Item 23 — RECEIPTS (FDD pages 63–253)
What This Means (2025 FDD)
According to Crave's 2025 Franchise Disclosure Document, the auditing firm believes that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion. This statement is part of the standard auditor's report included in the FDD.
The auditors conducted their audit in accordance with auditing standards generally accepted in the United States of America (GAAS). These standards require the auditors to be independent of Crave and to meet ethical responsibilities related to the audits. The audit aims to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error.
As part of their responsibilities, the auditors exercise professional judgment, assess risks of material misstatement, examine evidence on a test basis, and evaluate the appropriateness of accounting policies and estimates made by Crave's management. They also consider Crave's ability to continue as a going concern. This process leads them to form an opinion on the fair presentation of Crave's financial position, results of operations, and cash flows.