What does the auditing firm believe regarding the audit evidence obtained during the Cream audit?

According to the 2025 FDD, Plante & Moran, PLLC, the independent auditor, believes that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion on Cream's financial statement. The audit was conducted following generally accepted auditing standards in the United States of America (GAAS). As part of the audit, the firm is required to be independent of Cream and to meet ethical responsibilities based on relevant ethical requirements.

The auditor's report includes their opinion that the accompanying financial statement presents fairly, in all material respects, the financial position of Jeni's Splendid Ice Creams Franchise, LLC as of May 29, 2025, in accordance with accounting principles generally accepted in the United States of America. This opinion indicates that the auditors have a reasonable basis to believe that the financial statements are presented accurately and reliably.

It is important for prospective Cream franchisees to understand that while the auditor believes the evidence is sufficient, an audit provides reasonable assurance, not absolute assurance. This means there is still a risk that material misstatements, especially those resulting from fraud, may not be detected. Franchisees should review the financial statements and auditor's report carefully, and consult with their own financial advisors, to fully understand the financial health and stability of Cream.