With whom is the auditor required to communicate regarding the audit of Crown Gold Exchange?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 38)
What This Means (2024 FDD)
According to the 2024 Franchise Disclosure Document, the auditor for Crown Gold Exchange is required to communicate with those charged with governance. This communication includes discussing the planned scope and timing of the audit.
Additionally, the auditor must report significant audit findings to those charged with governance. This ensures that key issues identified during the audit process are brought to the attention of the appropriate individuals.
Finally, the auditor is also required to communicate certain internal control-related matters that were identified during the audit. This provides valuable feedback on the effectiveness of the company's internal controls and areas for potential improvement.