With whom are the auditors required to communicate regarding the audit of Golden Krust Caribbean Restaurant?

According to the 2024 Franchise Disclosure Document, the auditors for Golden Krust Caribbean Restaurant are required to communicate with those charged with governance. This communication includes discussing the planned scope and timing of the audit, any significant findings that arise during the audit, and certain matters related to internal control that the auditors identify.

For a potential franchisee, this indicates that the financial audits of Golden Krust Caribbean Restaurant are subject to oversight by an independent body responsible for governance. This helps ensure transparency and accountability in the financial reporting process. The communication between auditors and those charged with governance is a standard practice in financial auditing, intended to provide an additional layer of scrutiny and to address any potential issues or concerns that may arise during the audit.

This requirement aims to maintain the integrity of the financial statements and provide stakeholders, including potential franchisees, with confidence in the accuracy and reliability of the financial information presented by Golden Krust Caribbean Restaurant. Franchisees can take comfort in knowing that the financial health of the company is regularly assessed and that any significant issues are communicated to the appropriate governing bodies.