Attestation by ca for projection and estimations
This query is : Resolved
girigattupalli
(Querist)
15 July 2019
respected sir
banks and financial institutions are asking for CA attestation for financial statements of estimations and projections for granting of loan.and CA are doing the same. as per my knowldge one should not certify estimations and projections of financials. is there any guidelines by institute of charted accountants of india .
please discuss the issue .
thanking you
banks and financial institutions are asking for CA attestation for financial statements of estimations and projections for granting of loan.and CA are doing the same. as per my knowldge one should not certify estimations and projections of financials. is there any guidelines by institute of charted accountants of india .
please discuss the issue .
thanking you
CA R SEETHARAMAN
(Expert)
15 July 2019
Prospective financial information is the management’s estimate of future results and is based on evidence which is generally future-oriented and speculative in nature. The auditor will not be able to express an opinion if those results will be achieved or if they are free from material misstatement. Therefore per SAE 3400, the auditor can provide only a moderate level of assurance on the reasonableness of management’s assumptions.
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