What auditing standards were used to audit the supplementary information for Kitchen Solvers?
Kitchen_Solvers Franchise · 2025 FDDAnswer from 2025 FDD Document
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedules cost of sales and administrative and general expenses are presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.
Source: Item 21 — Financial Statements (FDD pages 48–49)
What This Means (2025 FDD)
According to Kitchen Solvers' 2025 Franchise Disclosure Document, the supplementary information, including schedules of cost of sales and administrative and general expenses, was subjected to specific auditing procedures. These procedures align with auditing standards generally accepted in the United States of America. The auditor, Hancock & Robinson CPAs, compared and reconciled the supplementary information directly to the underlying accounting and other records used to prepare the financial statements, or to the financial statements themselves.
This process confirms that the supplementary information is fairly stated in all material respects relative to the overall financial statements. This means that prospective Kitchen Solvers franchisees can have confidence that the additional financial details provided have been vetted under established auditing protocols. The supplementary schedules are management's responsibility, but the auditor has performed procedures to provide an opinion on whether they are fairly stated.
For a potential Kitchen Solvers franchisee, this indicates a level of due diligence in the financial reporting. It's important to note that while the audit provides assurance, it is not a guarantee of absolute accuracy. The auditor's opinion is based on the procedures performed and the evidence obtained, offering a reasonable basis for reliance on the financial information presented.