What level of review has been applied to the supplementary information for Endless Summer Sweets?
Endless_Summer_Sweets Franchise · 2024 FDDAnswer from 2024 FDD Document
The supplementary information included in Schedule I is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from, and relates directly to, the underlying accounting and other records used to prepare the financial statements. The supplementary information has been subjected to the review procedures applied in our review of the basic financial statements. We are not aware of any material modifications that should be made to the supplementary information. We have not audited the supplementary information and do not express an opinion on such information.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 38)
What This Means (2024 FDD)
According to Endless Summer Sweets' 2024 Franchise Disclosure Document, the supplementary information included in Schedule I has been subjected to review procedures, but not a full audit. The supplementary information is the responsibility of the management team and is derived directly from the accounting and other records used to prepare the financial statements.
The review procedures performed are those applied in the review of the basic financial statements. The accountants stated they are not aware of any material modifications that should be made to the supplementary information. However, the document explicitly states that the supplementary information has not been audited, and the accountants do not express an opinion on it.
For a prospective Endless Summer Sweets franchisee, this means that while the supplementary information has been reviewed for accuracy and consistency with the main financial statements, it has not undergone the same rigorous examination as the audited financial statements. Therefore, while the information can be useful for additional analysis, it should be considered with the understanding that a full audit has not been performed to verify its accuracy.