What does the Report of Independent Auditors for Crave Franchising, LLC contain?
Crave Franchise · 2025 FDDAnswer from 2025 FDD Document
To the Member of Crave Franchising, LLC
Opinion
We have audited the accompanying financial statements of Crave Franchising, LLC, (the Company), a Wyoming limited liability company, which comprise Balance sheet as of December 31, 2024, 2023, and 2022, and the related statement of operations and member's equity and cash flows for the year ended December 31, 2024, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024, 2023, and 2022, and the results of its operations and its cash flows for the year ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
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.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after March 24, 2025.
Auditors' Responsibilities for the Audit of the Financial Statements
Source: Item 23 — RECEIPTS (FDD pages 63–253)
What This Means (2025 FDD)
According to Crave's 2025 Franchise Disclosure Document, the Report of Independent Auditors includes an opinion on the company's financial statements. Specifically, the report covers the balance sheets as of December 31 for the years 2024, 2023, and 2022, along with the related statements of operations, member's equity, and cash flows for the year ended December 31, 2024. The report also includes related notes to the financial statements.
The auditor's opinion states that the financial statements present fairly, in all material respects, the financial position of Crave as of December 31 for the years 2024, 2023, and 2022. It also covers the results of its operations and its cash flows for the year ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.
The report also outlines the responsibilities of both Crave's management and the auditors. Management is responsible for preparing and fairly presenting the financial statements, including the design, implementation, and maintenance of internal controls. They must also evaluate the company's ability to continue as a going concern for one year after March 24, 2025. The auditors are responsible for conducting the audit in accordance with auditing standards generally accepted in the United States of America and for providing an opinion based on the audit evidence obtained.