With whom is the auditor required to communicate regarding the audit of Engel & Volkers?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 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 88)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, the auditor 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 any 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.
Furthermore, the auditor is obligated to communicate certain internal control-related matters that were identified during the audit. This provides transparency regarding the effectiveness of Engel & Volkers' internal controls and any potential weaknesses that may need to be addressed.