What ethical requirements are the auditors of Petro Stopping Center required to meet?
Petro_Stopping_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
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 the Company 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.
Source: Item 23 — RECEIPTS **RECEIPTS (FDD pages 87–131)
What This Means (2025 FDD)
According to the 2025 FDD, the auditors for BP Corporation North America Inc., which is affiliated with Petro Stopping Center, are Deloitte & Touche LLP. As part of their responsibilities, they are required to be independent of the company and adhere to ethical requirements relevant to their audits. This ensures that the audit is conducted without bias and with integrity.
The auditors' responsibilities include conducting audits in accordance with auditing standards generally accepted in the United States of America (GAAS). These standards dictate the procedures and practices that auditors must follow to ensure that financial statements are presented fairly and accurately. The auditors must obtain sufficient and appropriate audit evidence to provide a basis for their opinion on the financial statements.
Furthermore, the auditors must exercise professional judgment and maintain professional skepticism throughout the audit. This means they must critically assess the information provided by management and consider the risk of material misstatement, whether due to fraud or error. They must also evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management. These ethical and professional standards help to ensure the reliability and credibility of the financial statements, which is crucial for investors, creditors, and other stakeholders.