Name the 2 kinds of Prospective Financial Statements
Financial Forecasts and Financial Projections
100
This attestation report must include Historical Financial Statements or a reference to them
What is Pro Forma Financial Information
100
Which standard relates to Financial Forecasts and Projections?
What is AT 301
100
“In our opinion, the accompanying forecast is not presented in conformity with guidelines for presentation.....” means this type of opinion.
What is an adverse opinion, specifically for forecasts?
100
This type of report is forward looking?
What are Prospective Financial Statements
200
Which type of PFS is for restricted use only?
Financial Projection
200
What type of engagements relate to Pro Forma Financial Information
What are Examinations and Reviews
200
What standard relates to Pro Forma Financial Information?
What is AT 401
200
“Management has elected to omit the summary of significant accounting policies...” is used for this paragraph
What is a paragraph for omitted information?
200
This type of report is backward looking
What is a Pro Forma
300
What type of engagements relate to Prospective Financial Statements?
Examinations, Compilations, and Reviews
300
What type of report should a CPA determine the mathematical correctness of adjustments?
What is Pro Forma Financial Information
300
They are financial forecasts or financial projections that include summaries of significant assumptions and accounting policies.
What are Prospective Financial Statements (PFS)?
300
“However, there will usually be differences between the forecasted and actual results” is a quote from an opinion paragraph of this type of report.
What is a forecast report?
300
A report in which the CPA should not report any form of negative assurance and must include a restriction for use by the specified parties only.
What is a report on The Results of Applying Agreed Upon Procedures?
400
This is PFS that presents an entity’s expected financial position, results of operations, and cash flows
What is a Financial Forecast
400
This is specific to a review report on the proforma financial statements.
What is a reference to whether the historical financials were reviewed or audited, a disclaimer of no opinion on reviews, and a conclusion?
400
The significant matters on which an entity’s future results are expected to depend.
What are Key Factors?
400
The wording “ The historical condensed financial statements are derived from the historical financial statements of X Company...” relates to an examination of _______.
What is Pro Forma Financial Information
400
: A report that may be added to the report on historical financial information or may appear separately.
What is a report on pro forma financial information?
500
Name the type(s) of opinion(s) that a CPA can issue in an examination of a PFS
What are a qualified opinion, an adverse opinion, and a disclaimer
500
What an examination report on the pro forma financial information includes aside from the limitations paragraph and date.
What is ORRBS (Opinion, Reference, Responsibility, Basis, and Standards)?
500
Must be clearly indicated in a compilation report and is not undertaken with the intention of misleading those who may use the statements.
What is omitted information?
500
“We were engaged to examine” and implies this on a report.
What is a disclaimer of opinion?
500
What must be done in a combined report if completion of the procedures and review of the pro forma financial information is after the date of completion of the fieldwork for the audit or review of the historical financial information.