Are the financial statements for Crave Cookies audited?
Crave_Cookies Franchise · 2025 FDDAnswer from 2025 FDD Document
Independent Accountants' Audit Report
Crave Cookies Franchising, LLC Holladay, Utah
To the Members of Crave Cookies Franchising, LLC:
Opinion
We have audited the financial statements of Crave Cookies Franchising, LLC, which comprise the balance sheet as of December 31, 2024, and the related statements of income, members' equity, and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Crave Cookies Franchising, LLC as of December 31, 2024 and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits 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 Crave Cookies Franchising, LLC, and to meet our other 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 21 — FINANCIAL STATEMENTS (FDD page 47)
What This Means (2025 FDD)
According to Crave Cookies' 2025 Franchise Disclosure Document, the financial statements are indeed audited by independent auditors. The FDD includes Independent Auditor's Reports for the financial statements. These reports cover balance sheets, statements of operations, members' equity/deficit, and cash flows for various periods.
The presence of an independent auditor's report indicates that a qualified accounting firm has examined Crave Cookies' financial records and provided an opinion on whether the statements fairly represent the company's financial position and performance in accordance with generally accepted accounting principles (GAAP). This audit provides a level of assurance to potential franchisees that the financial information presented by Crave Cookies has been scrutinized by an objective third party.
The Independent Auditor's Reports included in the FDD state that the audits were conducted in accordance with auditing standards generally accepted in the United States of America (GAAS). The auditor's responsibilities include obtaining reasonable assurance about whether the financial statements are free from material misstatement. This process involves examining evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used, and evaluating the overall financial statement presentation.
For a prospective Crave Cookies franchisee, the audited financial statements offer a degree of confidence in the financial health and stability of the franchisor. Reviewing these statements and the auditor's opinion is a crucial step in the due diligence process, helping potential franchisees make informed decisions about investing in a Crave Cookies franchise.