Are the Gokhale Method's financial statements for the period of January through April 2024 audited or unaudited?
Gokhale_Method Franchise · 2024 FDDAnswer from 2024 FDD Document
Picture_1.jpeg)
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of Gokhale Method Institute, Inc. (a wholly owned subsidiary of Gokhale Method Enterprise, Inc.) Stanford, California
Opinion
We have audited the accompanying financial statements of Gokhale Method Institute, Inc. ("GMI" or the "Company"), which comprise the balance sheet as of December 31, 2023, and the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Gokhale Method Institute, Inc. as of December 31, 2023, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
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.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Gokhale Method Institute, Inc.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 34)
What This Means (2024 FDD)
The 2024 Franchise Disclosure Document for Gokhale Method includes an independent auditor's report related to the financial statements of Gokhale Method Institute, Inc. The auditor's report covers the balance sheet as of December 31, 2023, and the related statements of income, changes in stockholder's equity, and cash flows for the year then ended. The report expresses an opinion that the financial statements present fairly the financial position of Gokhale Method Institute, Inc. as of December 31, 2023, and the results of its operations and its cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America. The audit was conducted according to auditing standards generally accepted in the United States of America. The auditor states that they believe the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. The audit opinion was signed on April 19, 2024, by Farber Hass Hurley LLP from Chatsworth, California.
However, the excerpts from the FDD do not contain financial statements specifically for the period of January through April 2024. The provided auditor's report relates to the financial year ending December 31, 2023. Therefore, it is not possible to determine from the provided excerpts whether financial statements were prepared for the period of January through April 2024, or if such statements were audited or unaudited.
A prospective Gokhale Method franchisee should ask the franchisor directly whether financial statements were prepared for the period of January through April 2024, and if so, whether those statements were audited or unaudited. This information would provide further insight into the financial performance of Gokhale Method during that specific period.