What accounting principles were used in the preparation of the Mr. Sandless Franchise, LLC financial statements, according to the opinion?
Mr_Sandless Franchise · 2025 FDDAnswer from 2025 FDD Document
s as of December 31, 2024 and 2023, and the related statements of operations, and changes in members' deficit and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Mr. Sandless Franchise, LLC as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the 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 (GAAS). 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 Mr.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 41–42)
What This Means (2025 FDD)
According to Mr. Sandless's 2025 Franchise Disclosure Document, the financial statements of Mr. Sandless Franchise, LLC were prepared in accordance with accounting principles generally accepted in the United States of America. This indicates that the company adheres to a standardized set of guidelines and practices recognized and accepted by the accounting profession in the U.S.
The use of these principles ensures that the financial statements—including balance sheets, statements of operations, changes in members' deficit, and cash flows—present fairly the financial position, results of operations, and cash flows of Mr. Sandless. This provides a level of confidence to potential franchisees that the financial information is reliable and comparable to other businesses following the same standards.
Furthermore, the auditor's opinion confirms that the audit was conducted in accordance with auditing standards generally accepted in the United States of America (GAAS). This means the auditor followed specific procedures and maintained independence and ethical responsibilities to provide a reasonable basis for their opinion on the financial statements. This adds another layer of assurance for prospective franchisees, suggesting that the financial data has been rigorously examined by an independent professional.