16. Reporting On Assurance Engagements: Prospective Financial Information

Question 1

Reporting on prospective info: When must conclusions/opinions be modified?

Answer 1

If the practitioner is unable to say ‘nothing has come to our attention’.

Question 2

Reporting on prospective info: Implication: Presentation and disclosure of the prospective financial information is not adequate

Answer 2

Qualified or adverse opinion/conclusion

Question 3

Reporting on prospective info: Implication: One or more significant assumptions do not provide a reasonable basis for the prospective financial information

Answer 3

Adverse opinion/conclusion

Question 4

Reporting on prospective info: Implication: One or more significant assumptions do not provide a reasonable basis for the prospective financial information

Answer 4

Adverse opinion/conclusion

Question 5

Reporting on prospective info: Implication: Limitation on scope

Answer 5

Disclaimer of opinion/conclusion

Question 6

Reporting on prospective info: Is withdrawing an alternative to modified opinions/conclusions?

Answer 6

YES