What standards are the audits of Healthsource Chiropractic conducted in accordance with?
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.
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.
Source: Item 23 — Receipts (FDD pages 77–282)
What This Means (2025 FDD)
According to Healthsource Chiropractic's 2025 Franchise Disclosure Document, the company's financial audits are conducted in accordance with auditing standards generally accepted in the United States of America. This means that a certified independent auditor has reviewed Healthsource Chiropractic's financial statements (balance sheets, income statements, equity statements, and cash flow statements) for the years 2022, 2023, and 2024.
The auditor's responsibility is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. However, it's important to note that reasonable assurance is not absolute, and there is always a risk that a material misstatement may not be detected. The auditor also evaluates the appropriateness of accounting policies and the reasonableness of significant accounting estimates made by management.
This audit provides an opinion on whether the financial statements present fairly the financial position, results of operations, and cash flows of Healthsource Chiropractic in accordance with accounting principles generally accepted in the United States of America. This information is crucial for prospective franchisees as it offers an independent assessment of the franchisor's financial health and stability.