With whom are auditors required to communicate regarding the audit of Pearce Bespoke?
Pearce_Bespoke 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 21 — FINANCIAL STATEMENTS (FDD page 39)
What This Means (2025 FDD)
According to Pearce Bespoke's 2025 Franchise Disclosure Document, the auditors are required to communicate with those charged with governance. This communication includes discussing the planned scope and timing of the audit. Additionally, the auditors must report any significant audit findings and certain internal control-related matters identified during the audit.
For a prospective Pearce Bespoke franchisee, this indicates that the audit process involves oversight by a governance body that receives direct communication from the auditors. This ensures that key stakeholders are informed about the audit's progress, findings, and any issues related to internal controls.
This communication helps maintain transparency and accountability in the financial reporting process. Franchisees can be assured that the financial statements of Pearce Bespoke are subject to thorough review and that any significant issues are brought to the attention of those in charge of governance.