Are the financial statements for Focus Cfo consolidated?
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.
Responsibilities of Management for the Consolidated Financial Statements
Source: Item 21 — Financial Statements (FDD page 37)
What This Means (2025 FDD)
According to Focus Cfo's 2025 Franchise Disclosure Document, the financial statements are consolidated. The Independent Auditor's Report states that the audit covers the consolidated balance sheets of Focus CFO Group, LLC and Subsidiary as of December 31, 2024, and 2023, along with related consolidated statements. This indicates that the financial results of Focus CFO Group, LLC, and its subsidiary are combined for financial reporting purposes.
The document also includes notes to the consolidated financial statements for the years ending December 31, 2024, 2023, and 2022. These notes provide additional details and explanations related to the consolidated financials. The summary of significant accounting policies confirms that the consolidated financial statements include the accounts of FocusCFO and its wholly-owned subsidiary, LTD, with all inter-company accounts and transactions eliminated during consolidation.
For a prospective franchisee, this means that the financial performance presented reflects the combined operations of Focus CFO Group, LLC, and its subsidiary. Reviewing consolidated statements provides a comprehensive view of the overall financial health and performance of the entire organization, rather than just the parent company alone. Understanding the principles of consolidation is crucial for interpreting the financial data accurately and assessing the financial stability of Focus Cfo.