Are Hydrodog's financial statements audited?
Hydrodog Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT AUDITORS' REPORT
To the Ownership of Legacy Franchisors LLC D/B/A Hydrodog
Opinion
We have audited the accompanying financial statements of Legacy Franchisors LLC D/B/A Hydrodog (a Maine Limited Liability Company), which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of operations, members' 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 Legacy Franchisors LLC D/B/A Hydrodog as of December 31, 2024 and 2023, 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 Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Legacy Franchisors LLC D/B/A Hydrodog 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 43)
What This Means (2025 FDD)
According to Hydrodog's 2025 Franchise Disclosure Document, the company's financial statements are indeed audited. The FDD includes an Independent Auditors' Report, indicating that Aprio, LLP, an independent auditing firm, has audited the balance sheets as of December 31, 2024, and 2023, along with the related statements of operations, members' equity, and cash flows for the years then ended. This audit was conducted in accordance with auditing standards generally accepted in the United States of America.
The auditor's opinion states that the financial statements present fairly, in all material respects, the financial position of Hydrodog as of December 31, 2024, and 2023, 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. This opinion provides a level of assurance to potential franchisees regarding the accuracy and reliability of the financial information presented.
The report also details the responsibilities of both Hydrodog's management and the auditors. Management is responsible for the preparation and fair presentation of the financial statements, while the auditors are responsible for expressing an opinion on those statements based on their audit. The audit involves procedures to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error. This includes examining evidence, assessing accounting policies, and evaluating the overall presentation of the financial statements.
The presence of an independent audit is a positive sign for prospective franchisees, as it suggests that Hydrodog's financial reporting is subject to external scrutiny and adheres to established accounting standards. This can help franchisees make more informed decisions about investing in the franchise.