PFI Audit procedure

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June 3, 2017 at 2:24 pm #389927
abbas7796
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when we audit the forecast then is the procedure below of auditing forecast valid?

obtain any other forecasts that the management did in previous years and compare them to actuals to get an assessment of how robust the management’s forecasting system has been?
June 3, 2017 at 3:19 pm #389939
MikeLittle
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It certainly is a valid procedure, yes

It’s an indication of reliability – the closer they have been in the past, the more likely it is that we can place some reliance on them this time
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