Are there any unaudited financial statements included for Fitstop?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
atements of Operations and Members' Equity | Page 4 | | Statement of Cash Flows | Page 5 | | Footnotes | Page 6 |
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.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 49)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the financial statements included are audited. The FDD includes an Independent Auditor's Report from Muhammad Zubairy, CPA PC, indicating that they have audited Fitstop USA, INC.'s financial statements. This includes the balance sheets as of December 31, 2023, and 2022, along with statements of operations, changes in members' equity, and cash flow for the years then ended.
The auditor's opinion states that the financial statements present fairly Fitstop's financial position as of December 31, 2023 and 2022, and the results of its operations and cash flows for those years, 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). The auditor's report confirms they are independent of Fitstop USA, INC. and have met ethical responsibilities.
The inclusion of audited financial statements provides a higher level of assurance to potential franchisees compared to unaudited statements. Audited statements have been reviewed by an independent CPA, adding credibility to the financial information presented. This allows prospective franchisees to make more informed decisions, relying on the expertise of an independent auditor regarding the financial health and performance of Fitstop.