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Some states require that the financial statements in your Uniform Franchise Offering Circular be audited. If you do need an audit, expect to spend 4-6 weeks and at least $3,000 having it prepared.
The audit is performed by an independent Certified Public Accountant. Normally your accountant does not perform your audit. Audits are done in accordance with generally accepted auditing standards and their purpose is to express an opinion about whether - or not - a company's financial statements have been presented fairly and without material misstatement.
Before beginning the process, the auditor will provide a retainer letter listing audit objectives, management responsibilities, audit procedures, administration and fees. You must agree to and sign this letter, so be certain you understand it.
At a minimum you will be expected to provide:
|Jennifer Mathes, Ph.D.|