Adv Internal auditing summary 4

Adv Internal auditing summary 4 - Future-Oriented Financial...

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Future-Oriented Financial Info: - Can only take 2 forms: o Forecast: reflects planned courses of action for the period, as given by mgt o Projection: as above, but with one or more hypothesis consistent with purpose of info (but isn’t seen as most probably in mgt’s judgment) - Presentation: o General purpose goes into public document o Special purpose: Not in public document, can be about anything - You can report on it by giving opinion on statement preparation o You report on 3 assertions: That mgt assertions are suitable supported & consistent with plans of entity, & provides a reasonable basis for forecast Forecast reflects such assumptions o 3 measurements: Assumptions are reasonable Time period doesn’t extend beyond time Accounting policies should be GAAP, facilitates comparison o NO OPINION or ASSURANCE IS EXPRESSED, similar to compilations
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This note was uploaded on 03/02/2012 for the course ACC 821 taught by Professor Caplan during the Spring '12 term at Ryerson.

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Adv Internal auditing summary 4 - Future-Oriented Financial...

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