Are there any qualifications in the Crave Cookies auditor's report?
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's 2025 Franchise Disclosure Document, the independent auditor's reports for the financial statements of 2024, 2023, and 2022 do not contain any qualifications. For each of these years, the auditors stated their opinion that the financial statements present fairly, in all material respects, the financial position of Crave Cookies Franchising, LLC in accordance with accounting principles generally accepted in the United States of America. This indicates that the auditors found no material misstatements or issues that would require them to qualify their opinion.
The auditor's reports detail the scope and basis for their opinions. The audits were conducted in accordance with auditing standards generally accepted in the United States of America (GAAS). The auditors' responsibilities include obtaining reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and issuing an auditor's report that includes their opinion. They also discuss management's responsibilities for preparing the financial statements and evaluating the company's ability to continue as a going concern.
For a prospective franchisee, an unqualified opinion from the auditor is generally a positive sign. It suggests that the financial statements are reliable and transparent, reflecting an accurate picture of Crave Cookies's financial position and performance. However, it is essential to carefully review the entire FDD and financial statements, and to consult with a financial advisor, to fully understand the financial health and risks associated with investing in a Crave Cookies franchise.