With whom are the auditors required to communicate regarding the audit of Gokhale Method?

According to the 2024 Gokhale Method FDD, the auditors are required to communicate with those charged with governance. This communication includes the planned scope and timing of the audits. It also includes significant audit findings. Finally, the communication encompasses certain internal control related matters that the auditors identified during the audits.

For a prospective Gokhale Method franchisee, this indicates that the company's financial audits are subject to scrutiny and oversight by an independent body. The communication between the auditors and those charged with governance ensures that any potential issues or irregularities are brought to the attention of the appropriate parties. This promotes transparency and accountability in the company's financial reporting.

This requirement aligns with standard auditing practices, where auditors are expected to communicate important findings and observations to those responsible for the company's governance. This helps to ensure that the company's financial statements are reliable and accurate, which is crucial for making informed business decisions. Franchisees can take comfort in knowing that Gokhale Method's financial practices are regularly reviewed and assessed by independent auditors who are obligated to report their findings to the appropriate governing bodies.