What is the auditor's responsibility regarding ethical requirements relating to the Crave Franchising, LLC audit?
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 auditor is required to be independent of the company and to meet other ethical responsibilities in accordance with the relevant ethical requirements relating to the audits. The auditor's responsibilities are further described in the section of their report dedicated to their role in auditing the financial statements.
This indicates that the audit of Crave's financial statements was conducted with the intention of maintaining objectivity and adhering to professional ethical standards. The auditor's opinion on the financial statements is based on audit evidence they obtained, which they believe is sufficient and appropriate to provide a basis for their opinion.
For a prospective Crave franchisee, this suggests that the financial information presented has been reviewed by an independent party who is bound by ethical requirements to ensure accuracy and fairness. This can provide a level of comfort regarding the financial health and reporting practices of the company.