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"Anyways, again......bad to use pro forma statements for a financial analysis.    That was in one of my first level college accounting courses as well.     Always use the fully stated audited statements." <h2>Definition of 'Pro-Forma Forecast' (Investopedia)</h2> A financial forecast based on pro-forma income statements, balance sheet and/or cash flows. Pro-forma forecasts are usually created from pro-forma financials, which are forecasted using basic forecasting procedures. Often, revenues will provide the initial groundwork for the forecast, while expenses and other income statement items will be calculated as a percentage of future sales. If you forecasting you don't have audited financial statements. If you know what your are doing, you put together pro-forma financials and have them audited.  The auditor will not attest to the financials, as in a normal audit, since there are no underlying source documents, but he can attest to the assumptions, formulas, consistency of principles application, estimates, etc.
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