What does the opinion state about the presentation of Golden Krust Caribbean Restaurant's financial position?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
INDEPENDENT AUDITORS' REPORT
Shareholders Golden Krust Franchising, Inc. White Plains, New York
Opinion
We have audited the accompanying consolidated financial statements of Golden Krust Franchising, Inc., which comprise the consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated statements of operations, changes in shareholders' deficit, and cash flows for the years then ended, and the related notes to the consolidated financial statements.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Golden Krust Franchising, Inc. as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to the 2024 Franchise Disclosure Document, the independent auditor’s report offers an opinion on Golden Krust Caribbean Restaurant's financial statements. Specifically, the auditor, CliftonLarsonAllen LLP, states that they have audited the consolidated financial statements of Golden Krust Franchising, Inc., which include the consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated statements of operations, changes in shareholders' deficit, and cash flows for the years then ended, along with the related notes.
The auditor's opinion is that the consolidated financial statements present fairly, in all material respects, the financial position of Golden Krust Franchising, Inc. as of December 31, 2023 and 2022. They also believe that the statements accurately reflect the results of its operations and its cash flows for the years then ended. This assessment is based on accounting principles generally accepted in the United States of America.
This "clean" or unmodified opinion from an independent auditor is a positive indicator for prospective franchisees. It suggests that the financial statements of Golden Krust Caribbean Restaurant are reliable and conform to standard accounting practices. This provides a level of confidence that the financial information a potential franchisee relies on for their investment decision is fairly presented.