What accounting standards are used if Dryject is not using generally accepted accounting principles?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
, SUITE 202 NEPTUNE, NEW JERSEY 07753
Phone: 732-869-1170 Fax: 732-869-1130 www.rogersteincpa.com
MEMBER: NEW JERSEY SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS LICENSED NEW JERSEY & NEW YORK
INDEPENDENT AUDITOR'S REPORT
TO: DRYJECT MANAGEMENT, LLC HATBORO, PENNSYLVANIA
Opinion
I have audited the accompanying financial statements of DryJect Management, LLC (a single member LLC), which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of income and member's capital, and cash flows for the years then ended, and the related notes to the financial statements.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of DryJect Management, LLC as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
I conducted my audit in accordance with auditing standards generally accepted in the United States of America. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am required to be independent of DryJect Management, LLC and to meet my other ethical responsibilities in accordance with the relevant ethical requirements relating to my audit. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 49)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, the company's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The independent auditor's reports included in the FDD explicitly state that the audits were conducted in accordance with auditing standards generally accepted in the United States of America and that the financial statements present fairly the financial position, results of operations, and cash flows in accordance with these principles.
This means that Dryject adheres to a standardized set of accounting rules and guidelines when preparing its financial statements. This is important for prospective franchisees because it ensures a level of consistency and comparability in the financial information provided. Franchisees can rely on these statements to make informed decisions about their investment, as they are prepared and audited under established and recognized standards.
The auditor's responsibility includes evaluating the appropriateness of Dryject's accounting policies and the reasonableness of significant accounting estimates. They also assess Dryject's ability to continue as a going concern. This provides an additional layer of assurance that the financial statements are reliable and accurately reflect the company's financial condition.
Therefore, the FDD indicates that Dryject uses generally accepted accounting principles (GAAP). The document does not provide information on what accounting standards would be used if Dryject were not using GAAP, as the auditor's opinion confirms that the financial statements are presented in accordance with GAAP.