Does the Itan FDD explicitly state that the financial statements are audited?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
INDEPENDENT AUDITOR'S REPORT
To the Stockholder iTan Franchising, Inc.
Opinion
We have audited the accompanying financial statements of iTan Franchising, Inc., which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of earnings, stockholder's 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 iTan Franchising, Inc. as of December 31, 2024 and 2023, and the results of its activities 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 iTan Franchising, Inc. 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.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about iTan Franchising, Inc.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 43)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, the financial statements have been audited. The FDD includes an Independent Auditor's Report with an opinion on the financial statements of iTan Franchising, Inc. The report covers the balance sheets as of December 31, 2024 and 2023, and the related statements of earnings, stockholder's equity, and cash flows for the years then ended, including related notes.
The auditor's opinion states that the financial statements present fairly, in all material respects, the financial position of Itan as of December 31, 2024 and 2023, and the results of its activities and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. The audit was conducted following auditing standards generally accepted in the United States of America.
The auditor's responsibilities include obtaining reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and issuing an auditor's report that includes their opinion. This indicates that a prospective Itan franchisee can have more confidence in the accuracy and reliability of the financial information presented, as it has been reviewed by an independent professional in accordance with established auditing standards.