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Prospective Financial Information — AICPA Audit and Accounting Guide

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New 2008 edition coming June 30.

This Audit and Accounting Guide provides the latest information on engagements to compile, examine, or perform agreed upon procedures on prospective financial information. Updated with conforming changes as of March 1, 2008, it has been conformed to reflect the Defining Professional Requirements standard (SSAE No. 13).

The guide summarizes applicable requirements and practices, and delivers "how-to" advice for handling attest and accounting issues common with prospective financial information. It describes presentation guidelines and includes discussion of other relevant financial statement considerations. The guide includes information for entities that prepare prospective financial information, as well as practitioners who compile, examine and perform other agreed upon procedures on prospective financial information. Illustrative engagement letters, representation letters and sample reports are also included. The appendices include excerpts from the SEC rules regarding financial projections and IRS regulations regarding tax shelter opinions.

For a topical listing of subject matter by chapter, click on the Table of Contents tab.

Table of Contents

Content refers to 2007 edition

  • Part 1 - General Guidance Regarding Prospective Financial Information
    • Chapter 1 - Introduction
      • Structure of the Guide
      • Relationship to Other Literature
      • Effective Date
    • Chapter 2 - Scope
      • Presentations
      • Practitioners' Services
    • Chapter 3 - Definitions
    • Chapter 4 - Types of Prospective Financial Information and Their Uses
    • Chapter 5 - Responsibility for Prospective Financial Information
  • Part 2 - Guidance for Entities That Issue Prospective Financial Statements
    • Chapter 6 - Preparation Guidelines
    • Chapter 7 - Reasonably Objective Basis
    • Chapter 8 - Presentation Guidelines
      • Uses of a Financial Forecast
      • Responsibility for Financial Forecasts
      • Title
      • Format
      • Date
      • Accounting Principles and Policies
      • Materiality
      • Presentation of Amounts
      • Assumptions
      • Period to Be Covered
        • Disclosures at the End of the Forecast Period
        • Disclosures About Periods Beyond the Forecast Period
      • Distinguishing From Historical Financial Statements
      • Correction and Updating of a Financial Forecast
    • Chapter 9 - Illustrative Prospective Financial Statements
  • Part 3 - Guidance for Practitioners Who Provide Services on Prospective Financial Statements
    • Chapter 10 - Types of Practitioners' Services
      • Reporting Considerations
      • Reasonably Objective Basis for Presentation
      • Change in Engagement to a Lower Level of Service
      • A Practitioner's Responsibility for a Financial Forecast That Contains Disclosures About Periods Beyond the Forecast Period
      • A Practitioner's Responsibility If a Financial Forecast Is Included in a Document Containing Historical Financial Statements
        • Practitioner-Submitted Documents
        • Client-Prepared Documents
      • Other Information in a Client-Prepared Document Containing a Financial Forecast
      • Materiality
    • Chapter 11 - Tax Shelter Opinions
    • Chapter 12 - Compilation Procedures
      • Materiality
      • Training and Proficiency
      • Planning a Compilation Engagement
      • Compilation Procedures
      • Documentation
    • Chapter 13 - Illustrative Engagement and Representation Letters for a Compilation
      • Engagement Letter
      • Representation Letter
    • Chapter 14 - The Practitioner's Compilation Report
      • Modifications of the Standard Compilation Report
        • Presentation Deficiencies or Omitted Disclosures
        • Reporting on Information Accompanying a Financial Forecast in a Practitioner-Submitted Document
      • Other Reporting Examples
        • Reporting on a Financial Forecast That Includes a Projected Sale of an Entity's Real Estate Investment at the End of the Forecast Period
        • Reporting If the Financial Forecast Includes Disclosures About Periods Beyond the Forecast Period
    • Chapter 15 - Examination Procedures
      • Materiality
      • Training and Proficiency
      • Planning an Examination Engagement
      • Examination Procedures
        • The Responsible Party's Experience in Preparing Financial Forecasts
        • Prospective Period
        • Process by Which the Responsible Party Develops Its Financial Forecasts
        • Procedures to Evaluate Assumptions
        • Development of Assumptions
        • Support for Assumptions
        • Support for Tax Assumptions
        • Evaluating Preparation and Presentation
        • Using the Work of a Specialist
        • Assumptions Dependent on the Actions of Users
      • Documentation
      • Illustrative Examination Procedures
    • Chapter 16 - Illustrative Engagement and Representation Letters for an Examination
      • Engagement Letter
      • Representation Letter
    • Chapter 17 - The Practitioner's Examination Report
      • Modifications to the Practitioner's Opinion
      • Other Modifications to the Standard Examination Report
        • Reporting on a Financial Forecast That Includes a Projected Sale of an Entity's Real Estate Investment at the End of the Forecast Period
        • Reporting If the Financial Forecast Includes Disclosures About Periods Beyond the Forecast Period
        • Reporting on Information Accompanying a Financial Forecast in a Practitioner-Submitted Document
        • Reporting If the Examination Is Part of a Larger Engagement
        • Lack of Independence
    • Chapter 18 - Considerations for the Practitioner Reporting on an Examination of a Financial Forecast Contained in a Public Offering Statement
      • Procedures Between the Date of the Practitioner's Report and Effective Date in 1933 Act Filings
      • The Practitioner's Consent
      • Experts Section of 1933 Act Filings
      • Description of Additional Procedures and Comfort Letters
    • Chapter 19 - Application of Agreed-Upon Procedures
      • Engagement Letter
      • Procedures to Be Performed
      • Documentation
      • Representation Letter
      • Involvement of a Specialist
      • Adding Parties as Specified Parties (Nonparticipant Parties)
      • Change to an Agreed-Upon Procedures Engagement From Another Form of Engagement
    • Chapter 20 - Illustrative Engagement and Representation Letters for Agreed-Upon Procedures Engagements
      • Engagement Letter
      • Representation Letter
    • Chapter 21 - The Practitioner's Report on the Results of Applying Agreed-Upon Procedures
      • Findings
      • Explanatory Language
      • Dating of Report
      • Restrictions on the Performance of Procedures
      • Knowledge of Matters Outside Agreed-Upon Procedures
    • Chapter 22 - Guidance on the Practitioner's Services and Reports on Prospective Financial Statements for Internal Use Only
      • Procedures
      • Reporting
  • Part 4 - Guidance for Practitioners Who Provide Services on Partial Presentations of Prospective Financial Information
    • Chapter 23 - Partial Presentations of Prospective Financial Information
      • Uses of Partial Presentations
      • Preparation and Presentation of Partial Presentations
      • Practitioner's Involvement With Partial Presentations
        • Compilation and Examination Procedures
        • Applying Agreed-Upon Procedures to Partial Presentations
        • Standard Practitioner's Compilation, Examination, and Agreed-Upon Procedures Reports
  • Appendixes
    • A SEC Policy on Projections
    • B SEC Safe Harbor Rule for Projections
    • C IRS Regulations Regarding Tax Shelter Opinions (Circular 230)
    • D Private Securities Litigation Reform Act of 1995
    • F Schedule of Changes Made to Guide for Prospective Financial Information

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Excerpts

Preface
Content refers to 2007 edition

This Audit and Accounting Guide supersedes the AICPA Guide for Prospective Financial Statements, which was originally issued in 1986, and subsequent editions of that guide with conforming changes made by the AICPA staff. This guide has been modified by the AICPA staff to include certain changes necessary due to the issuance of authoritative pronouncements since the guide was originally issued. Relevant auditing guidance contained in official pronouncements issued through May 1, 2007 has been considered in the development of this edition of the guide. This includes relevant guidance issued up to and including the following:

  • FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities — Including an amendment of FASB Statement No. 115
  • FASB Interpretation No. 48, Accounting for Uncertainty Taxes — an interpretation of FASB Statement No. 109
  • FASB Technical Bulletin 01-1, Effective Date for Certain Financial Institutions of Certain Provisions of Statement 140 Related to the Isolation of Transferred Financial Assets
  • FASB Staff Positions issued through May 1, 2007
  • FASB Emerging Issues Task Force (EITF) consensus positions adopted at meetings of the EITF held through May 1, 2007
  • Practice Bulletin No. 15, Accounting by the Issuer of Surplus Notes (AICPA, Technical Practice Aids, PB sec. 12,150)
  • SAS No. 114, The Auditor's Communication With Those Charged With Governance (AICPA, Professional Standards, vol. 1, AU sec.380)
  • Auditing Interpretation No. 1, "Use of Electronic Confirmations" (AICPA, Professional Standards, vol. 1, AU sec. 9330.01–.06), which interprets AU section 330, The Confirmation Process (AICPA, Professional Standards, vol. 1)
  • SOP 06-1, Reporting Pursuant to the Global Investment Performance Standards (AICPA, Technical Practice Aids, AUD sec. 14,420)
  • SSAE No. 14, SSAE Hierarchy (AICPA, Professional Standards, vol. 1, AT sec. 50)
  • PCAOB Auditing Standard No. 4, Reporting on Whether a Previously Reported Material Weakness Continues to Exist (AICPA, PCAOB Standards and Related Rules, Rules of the Board, "Standards")

No other substantive changes have been made to the prior editions.

The accounting and auditing provisions of this guide reflect current authoritative literature. Accordingly, effective dates should be applied as provided for in the specific authoritative literature.

Users of this guide should consider pronouncements issued subsequent to those listed above to determine their effect on guidance given in this guide.

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Prospective Financial Information — AICPA Audit and Accounting Guide
Paperback , 2007
Product# 012727
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Prospective Financial Information — AICPA Audit and Accounting Guide
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