Are Fitstop's financial statements audited?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
MUHAMMAD ZUBAIRY, CPA PC
Certified Public Accountant 646.327.7013
INDEPENDENT AUDITOR'S REPORT
To the members Fitstop USA, INC.
Opinion
We have audited the financial statements of Fitstop USA, INC. which comprise the balance sheet as of December 31, 2023 and 2022, and the related statement of operations and changes in members' equity, and cash flow for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Fitstop USA, INC. as at December 31, 2023 and 2022, 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
We conducted our auditsin accordance with auditing standards generally accepted in the United StatesofAmerica (GAAS). Ourresponsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. Weare required to be independent of Fitstop USA, INC. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirementsrelating to our audits. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 49)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the financial statements are indeed audited. An independent auditor's report from Muhammad Zubairy, CPA PC, is included, covering the balance sheets as of December 31, 2023, and 2022, along with the statements of operations and changes in members' equity, and cash flow for the years then ended.
The auditor's opinion states that the financial statements present fairly, in all material respects, the financial position of Fitstop USA, INC. as of December 31, 2023 and 2022, 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. The audit was conducted following auditing standards generally accepted in the United States of America (GAAS).
This indicates that a certified public accountant has examined Fitstop's financial records and provided an independent opinion on their accuracy and reliability. For a prospective franchisee, this provides a higher level of confidence in the financial information presented, as it has been vetted by an independent professional. The auditor's report is dated May 23, 2024.