What does the auditing firm believe regarding the audit evidence obtained during the audit of Gokhale Method?
Gokhale_Method Franchise · 2024 FDDAnswer from 2024 FDD Document
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Gokhale Method Institute, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 22 — CONTRACTS (FDD page 34)
What This Means (2024 FDD)
According to Gokhale Method's 2024 Franchise Disclosure Document, the independent auditor, Farber Hass Hurley LLP, believes that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion. This opinion is related to the financial statements of Gokhale Method Institute, Inc. as of December 31, 2022, and the related statements of operations, changes in stockholder's equity, and cash flows for the year then ended, and the related notes to the financial statements. The audit was conducted in accordance with generally accepted auditing standards in the United States of America.
The auditor's report indicates that the financial statements of Gokhale Method Institute, Inc. present fairly, in all material respects, the financial position as of December 31, 2022, and the results of its operations and cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America. This suggests that the auditors have a reasonable basis for their opinion after examining the evidence.
Prospective franchisees should understand that while the audit provides a level of assurance, it is not an absolute guarantee of the financial health of Gokhale Method. The audit aims to provide reasonable assurance that the financial statements are free from material misstatement. It is important for potential franchisees to review the audited financial statements and related notes carefully, and possibly consult with a financial advisor, to fully understand the financial condition of Gokhale Method Institute, Inc.