Are the Focus Cfo financial statements audited?
Focus_Cfo Franchise · 2025 FDDAnswer from 2025 FDD Document
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. In our opinion the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Focus CFO Group, LLC and Subsidiary as of December 31, 2024, 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 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.
Correction of Error
As discussed in the Correction of an Error note to the consolidated financial statements, certain errors resulting in understatement of amounts previously reported for other current liabilities and other long term liabilities, and overstatement of franchise and license fees and net income as of December 31, 2023, and the year then ended, were discovered by management of the Company during the year. Accordingly, amounts reported for other current liabilities, other long term liabilities, franchise and license fees and net income have been restated in the 2023 financial statements now presented and an adjustment has been made to members' equity as of December 31, 2023, to correct the error. Our opinion is not modified with respect to that matter.
Source: Item 21 — Financial Statements (FDD page 37)
What This Means (2025 FDD)
According to Focus Cfo's 2025 Franchise Disclosure Document, the company's consolidated financial statements are indeed audited. The Independent Auditor's Report states that BHM CPA Group, Inc. audited the consolidated balance sheets 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.
The auditor's opinion is that the financial statements present fairly, in all material respects, the financial position of Focus CFO Group, LLC and Subsidiary as of December 31, 2024 and 2023, 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. The audits were conducted in accordance with auditing standards generally accepted in the United States of America, ensuring that Focus Cfo meets ethical responsibilities and that sufficient audit evidence was obtained to support the auditor's opinion.
Furthermore, the audit report mentions a correction of an error related to the understatement of certain liabilities and overstatement of franchise and license fees and net income as of December 31, 2023. These errors were discovered by Focus Cfo's management and restated in the 2023 financial statements. The auditor's opinion was not modified with respect to this matter, indicating that the restatement was properly accounted for and disclosed. This level of detail and transparency in the audit report can provide prospective franchisees with confidence in the financial reporting practices of Focus Cfo.