Prepare the annual specific purpose fund statement and audit pack
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the fund’s ledger and the franchise agreements, draft the annual financial statement of contributions, spending and activity in the franchisor’s validated format, reconcile it to the ledger, list any spending that may fall outside the fund’s disclosed purpose, and assemble the pack for the auditor.
- What the lawyer must review
- The lawyer, with the franchisor’s finance team, decides whether each flagged item is a proper fund expense, confirms the audit position, settles the statement, and confirms it is given to franchisees on time and attached to the disclosure document.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | From the fund’s ledger and the franchise agreements, draft the annual financial statement of contributions, spending and activity in the franchisor’s validated format, reconcile it to the ledger, list any spending that may fall outside the fund’s disclosed purpose, and assemble the pack for the auditor. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Confirm whether the 2025 Code applies to this agreement (entered, transferred, renewed or extended on or after 1 April 2025) and whether a November 2025 provision is engaged, before any template is used.
- Reconcile every statement line to the ledger.
- Check each questioned item against the fund’s disclosed purpose and the agreements.
- Confirm the deadline and audit position for this financial year from the Code, not the template.
Sources
- ACCC, Specific purpose funds for franchise businesses · 2026-10-18
- ACCC, Franchising Code of Conduct · 2026-10-18
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.
Related tasks
Draft or review a franchise disclosure document against the prescribed headingsCheck the franchisor's disclosure and any registration the jurisdiction requiresDraft or review a franchise agreement from the disclosure and the term sheetBuild a franchisee due-diligence issues list from the disclosure pack