As of what dates were the consolidated balance sheets of Focus Cfo Group, LLC audited?
Focus_Cfo Franchise · 2025 FDDAnswer from 2025 FDD Document
of Changes in Members' Equity | 7 | | Consolidated Statements of Cash Flows | | | Notes to Consolidated Financial Statements | |
INDEPENDENT AUDITOR'S REPORT
To the Members Focus CFO Group, LLC Columbus, Ohio
Opinion
We have audited the accompanying consolidated balance sheets of Focus CFO Group, LLC and Subsidiary (the Company) (a Limited Liability Company) 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.
Source: Item 23 — Receipts (FDD pages 37–126)
What This Means (2025 FDD)
According to Focus Cfo's 2025 Franchise Disclosure Document, the consolidated balance sheets of Focus CFO Group, LLC and Subsidiary were audited as of December 31, 2024, and December 31, 2023. The audit also covered the consolidated statements of income, members' equity, and cash flows for the three years ending on December 31, 2024, December 31, 2023, and December 31, 2022. The auditor's report, dated April 10, 2025, expressed an opinion that the financial statements fairly present the financial position of Focus CFO Group, LLC and Subsidiary as of the specified dates.
Prospective franchisees should understand that these audited financial statements are a crucial part of the FDD. They provide an overview of Focus Cfo's financial health and stability. Reviewing these statements can help potential franchisees assess the company's ability to support its franchisees and fulfill its obligations. The audit was conducted by BHM CPA Group, Inc., indicating that an independent firm has verified the accuracy and reliability of the financial information presented.
It's important to note that the audit also addressed a correction of an error related to the understatement of certain liabilities and the overstatement of franchise and license fees and net income as of December 31, 2023. While the auditor's opinion was not modified with respect to this matter, prospective franchisees should carefully review the details of the correction to understand its impact on the company's financial statements. This highlights the importance of thoroughly examining the notes to the financial statements for any adjustments or restatements that may affect the overall financial picture of Focus Cfo.
The auditor's report explicitly states that their opinion does not cover other information included in the Franchise Disclosure Document besides the consolidated financial statements and their report. This means that while the financial statements have been audited, other information in the FDD has not been independently verified. Therefore, potential franchisees should conduct their own due diligence and seek professional advice to evaluate all aspects of the franchise opportunity, not just the audited financial statements.