What is the auditor's responsibility regarding the planned scope and timing of the audit for Engel & Volkers?

According to Engel & Volkers' 2025 Franchise Disclosure Document, the auditor is required to communicate with those charged with governance regarding the planned scope and timing of the audit. The auditor must also communicate significant audit findings and certain internal control related matters identified during the audit.

This communication ensures that the relevant parties are informed about the audit's extent and schedule, allowing for better oversight and coordination. Franchisees can be indirectly affected by this, as a well-planned and communicated audit can contribute to the accuracy and reliability of the financial statements. This, in turn, can provide franchisees with more confidence in the financial health and stability of Engel & Volkers.

It is typical practice for auditors to communicate the scope and timing of their work to those in charge of governance. This allows for transparency and ensures that the audit is conducted efficiently and effectively. The communication also allows for any concerns or questions to be addressed promptly, which can improve the overall quality of the audit. This ultimately benefits both Engel & Volkers and its franchisees by providing a clear and reliable picture of the company's financial position.