What auditing standards were used in the audit of Crave Franchising, LLC's financial statements?
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 generally accepted auditing standards in the United States of America. This indicates that the audit was conducted following a recognized set of guidelines and procedures designed to ensure the reliability and accuracy of the financial statements.
For a prospective Crave franchisee, this means that an independent auditor has reviewed Crave's financial records and provided an opinion on whether the financial statements fairly present the company's financial position, results of operations, and cash flows in accordance with accounting principles generally accepted in the United States of America. This can provide a level of comfort to potential franchisees, as it suggests that the financial information provided by Crave has been scrutinized by an objective third party.
It is important to note that while the audit provides assurance about the fairness of the financial statements, it does not guarantee the future financial performance of Crave. Franchisees should still carefully review the financial statements and consider other factors, such as the company's business model, competitive landscape, and management team, before making an investment decision. Additionally, prospective franchisees may want to inquire about the auditor's qualifications and experience to further assess the credibility of the audit.