What is the auditor's opinion regarding the presentation of Fly To Fit's financial statements?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
To the Management of FLY TO FIT FRANCHISE, LLC
Opinion
We have audited the financial statements of FLY TO FIT FRANCHISE, LLC (the "Company"), which comprise the Balance Sheet as of April 15, 2024, and the related notes for the period then ended. (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at April 15, 2024, and the results of its operations and its cash flows for the period ended April 15, 2024, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 44)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, the independent accountant's audit report expresses an opinion on the company's financial statements. The auditor, Omar Alnuaimi, CPA, states that the audit was conducted on the balance sheet as of April 15, 2024.
In the auditor's opinion, the financial statements of Fly To Fit fairly present the company's financial position as of April 15, 2024, and the results of its operations and cash flows for the period then ended. This opinion is based on accounting principles generally accepted in the United States of America.
The auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the audit opinion. The audit was conducted in accordance with auditing standards generally accepted in the United States of America (GAAS), requiring the auditor to be independent and meet ethical responsibilities. The auditor's responsibilities include obtaining reasonable assurance that the financial statements are free of material misstatement, evaluating accounting policies, and assessing the overall presentation of the financial statements.