Is the auditing firm required to be independent of Focus Cfo Group, LLC and Subsidiary?
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)
Yes, according to Focus Cfo's 2025 Franchise Disclosure Document, the auditing firm is required to be independent of Focus CFO Group, LLC and Subsidiary. The auditor's report states that they conducted their audits in accordance with auditing standards generally accepted in the United States of America, which necessitates independence.
The report explicitly mentions, "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." This statement confirms that the auditing firm, BHM CPA Group, Inc., must adhere to ethical requirements that ensure their independence during the audit process.
This independence is crucial for providing an unbiased opinion on the financial statements of Focus Cfo Group, LLC and Subsidiary. The auditors must maintain objectivity to ensure the accuracy and reliability of the financial information presented. This requirement aligns with standard auditing practices, enhancing the credibility of the financial statements for potential investors, franchisees, and other stakeholders.