What is the scope of the audit conducted on Crave Franchising, LLC's financial statements?
Crave Franchise · 2025 FDDAnswer from 2025 FDD Document
tatement of Cash Flows | Page 6 | | Notes to the Financial Statements | Page 7 |
Report of Independent Auditors
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.
Source: Item 23 — RECEIPTS (FDD pages 63–253)
What This Means (2025 FDD)
According to Crave's 2025 Franchise Disclosure Document, the audit of Crave Franchising, LLC's financial statements encompasses the balance sheets as of December 31, 2024, 2023, and 2022. The audit also includes the statement of operations and member's equity, as well as cash flows for the year ended December 31, 2024, and the related notes to the financial statements.
The audit was conducted to provide an opinion on whether these financial statements present fairly the financial position of Crave as of December 31, 2024, 2023, and 2022. It also assesses the results of Crave's operations and cash flows for the year ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.
The auditors' responsibilities included being independent of Crave and meeting ethical requirements. They also evaluated whether management's assessment of Crave's ability to continue as a going concern for one year after March 24, 2025, was reasonable. The audit provides a potential franchisee with assurance that Crave's financial statements have been examined by an independent party and conform to standard accounting practices.