ACCA AAA ^INT Syllabus F. Other Assignments - Prospective Financial Information - Notes ^{2 / 4}

PFI work is highly subjective in its nature, and its preparation requires the exercise of considerable judgement

Before accepting a PFI engagement:

1. Agree terms

2. Get knowledge of the business

3. Clarify the time period it relates to

Get written management reps on..

1. Its intended use

2. The completeness of their significant assumptions

3. Their acceptance of their responsibility for the PFI

Assurance given

Given the subjective and speculative nature of the PFI, an opinion cannot be given on whether the results shown in the report will be achieved, so only negative assurance can be given

• Negative