What is the basis for the audit opinion provided for Gokhale Method's financial statements?

According to Gokhale Method's 2024 Franchise Disclosure Document, the basis for the audit opinion on the financial statements of Gokhale Method Institute, Inc. is that the audit was conducted in accordance with auditing standards generally accepted in the United States of America. The auditors believe that the audit evidence they obtained is sufficient and appropriate to provide a basis for their audit opinion. They are also required to be independent of Gokhale Method Institute, Inc. and to meet ethical responsibilities based on relevant ethical requirements pertaining to their audit.

The auditors' responsibilities include obtaining reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and issuing an auditor's report that includes their opinion. However, reasonable assurance is not absolute, and there is a risk that a material misstatement may not be detected. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error.

In conducting the audit, the auditors exercise professional judgment, assess the risks of material misstatement, obtain an understanding of internal control, evaluate the appropriateness of accounting policies, and conclude on the Gokhale Method Institute's ability to continue as a going concern. They are also required to communicate with those charged with governance regarding the scope and timing of the audit, significant audit findings, and certain internal control-related matters.