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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.
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Preface
Purpose and Applicability
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.Public Accounting Firms Registered With the PCAOB Subject to the Securities and Exchange Commission (SEC) oversight, Section 103 of the Sarbanes-Oxley Act (act) authorizes the Public Company Accounting Oversight Board (PCAOB) to establish auditing and related attestation, quality control, ethics, and independence standards to be used by registered public accounting firms in the preparation and issuance of audit reports as required by the act or the rules of the SEC. Accordingly, public accounting firms registered with the PCAOB are required to adhere to all PCAOB standards in the audits of issuers, as defined by the act, and other entities when prescribed by the rules of the SEC.
References to Professional Standards
In citing the professional standards, references are made to the AICPA Professional Standards publication. In those sections of the guide where specific PCAOB auditing standards are referred to, references are made to the AICPA's PCAOB Standards and Related Rules publication. Additionally, when referencing professional standards, this guide cites section numbers and not the original statement number, as appropriate. For example, Statement on Auditing Standards (SAS) No. 54 is referred to as AU section 317.
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