Are the financial statements for Potbelly Sandwich Works audited?
Potbelly_Sandwich_Works Franchise · 2025 FDDAnswer from 2025 FDD Document
EXHIBIT G-1
FINANCIAL STATEMENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Potbelly Corporation
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Potbelly Corporation and subsidiaries (the "Company") as of December 29, 2024, and December 31, 2023, the related consolidated statements of operations, equity, and cash flows for each of the three years in the period ended December 29, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 29, 2024, and December 31, 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 29, 2024, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 29, 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 6, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 78)
What This Means (2025 FDD)
According to Potbelly Sandwich Works' 2025 Franchise Disclosure Document, the financial statements are indeed audited. Specifically, Exhibit G-1 of the FDD contains the audited consolidated balance sheets as of December 29, 2024, and December 31, 2023, along with the related consolidated statements of operations, equity, and cash flows for the years ending December 29, 2024, December 31, 2023, and December 25, 2022.
The audit was conducted by an independent registered public accounting firm. Their report expresses an opinion that the financial statements present fairly, in all material respects, the financial position of Potbelly Sandwich Works and its subsidiaries as of December 29, 2024, and December 31, 2023. The report also covers the results of operations and cash flows for the three years ending December 29, 2024, in accordance with accounting principles generally accepted in the United States of America.
Furthermore, the accounting firm also audited Potbelly Sandwich Works' internal control over financial reporting as of December 29, 2024, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Their report, dated March 6, 2025, expressed an unqualified opinion on the company's internal control over financial reporting. This indicates a high level of scrutiny and assurance regarding the accuracy and reliability of the financial information provided.