28 August 2010
Sir I have recently started practice. An asessee has told me to give projected balance sheet & P and L A/c for forthcoming years. Sir What should I verify for that. And also tell me while attesting which wordings should I use....means before FOR XYZ Associates...like Subject to... Please provide me the exact wordings so that the burden dos not come on me.
Also, There is no exact wording. In my view, you can make a general statement that the projections are made based on the trends of the last 2-3 years of balance sheet. Also, any special information related to asset, capital contribution, drawings, loans or any special planning informed by the management has been considered wherever applicable. Also, this balance sheet is to be used only for projections purpose based on the methods used.
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