Are the financial statements for Healthsource Chiropractic audited?
Healthsource_Chiropractic Franchise · 2025 FDDAnswer from 2025 FDD Document
Attached to this Franchise Disclosure Document as Exhibit G are:
HealthSource Chiropractic, LLC's audited balance sheets as of December 31, 2024, December 31, 2023, and December 31, 2022, and the related statements of income, retained earnings, and of cash flow for the years then ended.
Our fiscal year end is December 31.
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors and Members of HealthSource Chiropractic, LLC
Opinion
We have audited the accompanying financial statements of HealthSource Chiropractic, LLC, which comprise the balance sheets as of December 31, 2024, 2023, and 2022, and the related statements of income and comprehensive income, members' and stockholders' equity, and cash flows for the years 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 HealthSource Chiropractic, LLC as of December 31, 2024, 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.
Basis for Opinion
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 21 — Financial Statements (FDD page 77)
What This Means (2025 FDD)
According to HealthSource Chiropractic's 2025 Franchise Disclosure Document, the company's financial statements are indeed audited. Item 21 of the FDD includes HealthSource Chiropractic's audited balance sheets as of December 31, 2024, December 31, 2023, and December 31, 2022, along with related statements of income, retained earnings, and cash flow for the years then ended.
An independent auditor's report from Park & Illenberger, CPA's, Inc. is included, stating that they audited the financial statements. Their opinion is that the financial statements present fairly the financial position of HealthSource Chiropractic, LLC as of December 31, 2024, 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.
The auditor's report outlines the responsibilities of both management and the auditor in the preparation and audit of the financial statements. Management is responsible for the fair presentation of the financial statements and for internal control, while the auditor's responsibility is to express an opinion on the financial statements based on their audit. The audit was conducted in accordance with auditing standards generally accepted in the United States of America.
Having audited financial statements provides a level of assurance to potential franchisees regarding the financial health and stability of HealthSource Chiropractic. This is because an independent auditor has reviewed the financial statements and provided an opinion on whether they are fairly presented in accordance with accounting principles.