What is the basis for the auditor's opinion on Healthsource Chiropractic's financial statements?
Healthsource_Chiropractic Franchise · 2025 FDDAnswer from 2025 FDD Document
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of HealthSource Chiropractic, LLC and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 23 — Receipts (FDD pages 77–282)
What This Means (2025 FDD)
According to Healthsource Chiropractic's 2025 Franchise Disclosure Document, the auditor's opinion is based on audits conducted in accordance with auditing standards generally accepted in the United States of America. The auditor's responsibilities under these standards are detailed in the report. The auditor is required to be independent of HealthSource Chiropractic and to meet ethical responsibilities relating to the audits.
The auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. Their objectives 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.
Reasonable assurance, while a high level of assurance, is not absolute and doesn't guarantee the detection of every material misstatement. The risk of not detecting a material misstatement resulting from fraud is higher than that of error, as fraud may involve more complex concealment. The auditor's responsibilities include exercising professional judgment, assessing risks of material misstatement, examining evidence, understanding internal control, evaluating accounting policies, and concluding on HealthSource Chiropractic's ability to continue as a going concern.
The auditor, Park & Illenberger, CPA's, Inc., communicated with those charged with governance regarding the audit's scope, timing, significant findings, and internal control related matters identified during the audit. The audit was concluded on March 26, 2025.