Who is the President and CPA who reviewed 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.
Gautam Kumar, President, CPA
Canoga Park, CA
March 20, 2024
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 was reviewed by Gautam Kumar, President, CPA, located in Canoga Park, CA. The review was conducted as part of the audit of the basic financial statements. However, the document states that while the supplementary information was subjected to review procedures, it was not audited, and no opinion is expressed on it. This indicates a limited level of assurance compared to the audited financial statements.
This means that while Gautam Kumar reviewed the supplementary information, prospective Endless Summer Sweets franchisees should understand that this review provides less certainty than the audit of the core financial statements. The supplementary information is the responsibility of Endless Summer Sweets' management, and Gautam Kumar's review only indicates that he is not aware of any material modifications that should be made.
For a prospective franchisee, this highlights the importance of carefully examining both the audited financial statements and the supplementary information, while keeping in mind the different levels of assurance provided for each. It would be prudent to consult with a financial advisor to fully understand the implications of the supplementary information and the scope of the review conducted by Gautam Kumar.