What does the auditing firm believe regarding the audit evidence obtained for Focus Cfo?
Focus_Cfo Franchise · 2025 FDDAnswer from 2025 FDD Document
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Focus CFO Group, LLC and Subsidiary 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 23 — Receipts (FDD pages 37–126)
What This Means (2025 FDD)
According to Focus Cfo's 2025 Franchise Disclosure Document, the auditing firm, BHM CPA Group, Inc., believes that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion. This opinion is regarding the consolidated financial statements of Focus CFO Group, LLC and Subsidiary as of December 31, 2024 and 2023, and the related consolidated statements of income, members' equity, and cash flows for the three years ended December 31, 2024, 2023, and 2022, and the related notes to the consolidated financial statements. The firm conducted its audits in accordance with auditing standards generally accepted in the United States of America and is required to be independent of Focus CFO Group, LLC and Subsidiary while meeting ethical responsibilities.
This statement indicates that the auditor has gathered enough reliable evidence to support their opinion on the fairness and accuracy of Focus Cfo's financial statements. For a potential franchisee, this is a positive sign, suggesting that Focus Cfo's financial records have been thoroughly reviewed and deemed credible by an independent third party. The audit covered the financial years 2022, 2023, and 2024, providing a multi-year perspective on the company's financial health.
However, it is important to note that while the auditor believes the evidence is sufficient, reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. Additionally, the audit firm's opinion does not cover other information included in the Franchise Disclosure Document outside of the consolidated financial statements and their report. A prospective franchisee should review the audited financial statements carefully and consider seeking professional financial advice to fully understand the implications for their investment.