What auditing standards were used for the audit of Crave Franchising, LLC?
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 company's financial statements were audited in accordance with auditing standards generally accepted in the United States of America (GAAS). This means that the independent auditors followed a set of professional standards and guidelines established by the American Institute of Certified Public Accountants (AICPA) to ensure the reliability and accuracy of Crave's financial statements.
The auditors' responsibilities under GAAS include being independent of the company, meeting ethical requirements, and obtaining sufficient and appropriate audit evidence to form a basis for their opinion. The audit aims to provide reasonable assurance that the financial statements are free from material misstatement.
For a potential Crave franchisee, this indicates that an independent firm has reviewed Crave's financial records and believes they are presented fairly and in accordance with generally accepted accounting principles. This can provide a level of comfort regarding the financial health and transparency of the franchise system. Franchisees may want to consult with a financial advisor to fully understand the implications of the audited financial statements.