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.
Mohamed founded Metwally CPA PLLC in 2020 in the Dallas-Fort Worth metropolitan area. He holds active CPA license in the state of Texas and California. Mohamed is the firm’s Executive Director. Mohamed has a Master of Science (M.S.) degree in Accounting from University of Dallas. He has extensive assurance experience in a wide variety of industries, and he also devotes considerable time consulting and working with organizations and CPA firms on internal controls, audit quality, automation, and accounting best practices. He has over 15 years of audit experience.
Prior to founding the firm, Mohamed worked for big 4 and national firms for over than 10 years in the assurance practice. Mohamed worked on private clients as well as public clients and specialized in financial services sector.
He is a member of the Texas CPA Practice Issues, Diversity and Inclusion, and Governmental Accounting and Single Audits Conference Committees of Texas Society of CPAs.
Mohamed is a member of the American Institute of Certified Public Accountants, member of the AICPA small business group, member of the American institute of Certified Management Accountants, and Texas Society of Certified Public Accountants.
