As of January 2, 2024, are the Noodles & Company balance sheets audited?
Noodles_Company Franchise · 2025 FDDAnswer from 2025 FDD Document
EXHIBIT F TO THE FRANCHISE DISCLOSURE DOCUMENT FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Noodles & Company
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Noodles & Company (the Company) as of December 31, 2024 and January 2, 2024, the related consolidated statements of operations, stockholders' equity (deficit) and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and January 2, 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 97–98)
What This Means (2025 FDD)
According to the 2025 Noodles & Company Franchise Disclosure Document, the consolidated balance sheets as of January 2, 2024, were indeed audited by an independent registered public accounting firm. The audit firm provided an opinion that the financial statements present fairly the financial position of Noodles & Company as of that date, in all material respects, in conformity with U.S. generally accepted accounting principles.
This means that a prospective Noodles & Company franchisee can have confidence that the financial information provided for that period has been reviewed and verified by an independent expert. This is a standard practice for established franchise systems, as it provides transparency and credibility to the financial reporting.
The audit was conducted in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB), ensuring a rigorous and reliable assessment of the company's financial standing. While the auditors obtained an understanding of internal control over financial reporting as part of their audit, they did not express an opinion on the effectiveness of Noodles & Company's internal controls.