Are the statements of cash flow 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.
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 statements of cash flow are indeed audited. Specifically, the financial statements, which include the statements of cash flow, have been audited by an independent auditor. 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.
The independent auditor, Park & Illenberger, CPA's, Inc., conducted the audits in accordance with auditing standards generally accepted in the United States of America. Their report indicates that they believe the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. This process involves assessing the risks of material misstatement of the financial statements, examining evidence on a test basis, and evaluating the appropriateness of accounting policies used by Healthsource Chiropractic.
For a prospective franchisee, this means that the financial information provided by Healthsource Chiropractic has been reviewed by an independent third party, adding a level of credibility to the data. The audit includes balance sheets as of December 31 for the years 2024, 2023, and 2022, as well as related statements of income, retained earnings, and cash flow for those years. This allows potential franchisees to review Healthsource Chiropractic's financial performance over the past three years and make a more informed decision about investing in the franchise.