What You Need to Know
A financial statement audit appraises the franchise’s financial practices and records to determine its financial health. The franchise financial statement is necessary for FDD registration and renewal. A franchisee also leverages it to evaluate a franchise’s profitability before signing or making any financial commitment. As a Franchisor, it’s essential to have a basic foundation of franchise financial statement audits and how to prepare for one.
Why do you need a Franchise Audit report?
A franchise financial statement audit provides a snapshot of the business growth and helps to identify bookkeeping errors and areas for improvement. In addition, it shows a franchise’s profitability and serves as a decision-making document in the franchise selling process.
How to Prepare for a Financial Statement Audit for Franchise
An auditor’s verdict on your financial status can delay the franchise sale process if it shows the presence of misstated records. To prepare for an audit, you need to access previous audit reports, maintain compliance with the latest accounting standards and organize records in preparation for submission.
How to Hire a CPA firm to prepare Franchise Financial Statement Audit
To hire a CPA firm, you must look out for firms with a proven track record of providing professional financial statement audits that comply with updated GAAS standards.
At Metwallycpa, we provide professional financial statement audits and reviews for franchises that are compliant with GAAS. Contact us to get a financial Statements audit to identify financial issues and boost growth.
