Are the financial statements for Punch King Fitness as of December 31, 2022 audited or unaudited?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
To the Board of Directors and Shareholders Punch King Fitness, Inc.
Opinion
We have audited the accompanying financial statements of Punch King Fitness Inc., which comprise the balance sheet as of December 31, 2022, and the related statements of income and retained earnings and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Punch King Fitness, Inc. as of December 31, 2022, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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 Punch King Fitness, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, the financial statements as of December 31, 2022, have been audited. The document includes an Independent Auditor's Report from WDD CPAs, stating that they have audited the balance sheet as of that date, as well as the related statements of income and retained earnings and cash flows for the year then ended.
The auditor's opinion is that the financial statements present fairly, in all material respects, the financial position of Punch King Fitness as of December 31, 2022, and the results of its operations and its cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America. The audit was conducted following auditing standards generally accepted in the United States of America, with the auditors confirming their independence and ethical responsibilities.
The report outlines the responsibilities of both the management and the auditor in relation to the financial statements. Management is responsible for the preparation and fair presentation of the financial statements and for internal controls, while the auditor's responsibility is to obtain reasonable assurance about whether the financial statements are free from material misstatement and to issue an auditor's report including their opinion.