With whom is the auditor required to communicate regarding the audit of iTan?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
We are required to communicate with those charged with governance regarding, among other matters the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to the 2025 iTan Franchise Disclosure Document, the auditor is required to communicate with those charged with governance. This communication includes discussing the planned scope and timing of the audit. The auditor will also share significant audit findings and certain internal control-related matters identified during the audit.
This means that the auditor's responsibilities extend beyond just providing an opinion on the financial statements. They must also keep those in charge of overseeing iTan's financial reporting process informed about key aspects of the audit. This ensures transparency and allows for timely corrective action if any issues are found.
For a prospective iTan franchisee, this indicates that there are mechanisms in place for independent oversight of the company's financial practices. The communication between the auditor and those charged with governance helps to ensure the accuracy and reliability of the financial information provided by iTan.