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A pro forma financial statement is indeed a projection of future financial performance, which makes it essential for businesses when planning and forecasting. These statements are created based on certain assumptions about future revenues, expenses, and financial conditions. By using pro forma statements, companies can outline expected financial outcomes and strategic initiatives, providing stakeholders with a forward-looking view that aids in decision-making and investment planning.

For example, a business may prepare a pro forma income statement to illustrate how a new product launch might impact future revenues and profitability. This type of statement is particularly useful during budgeting processes or when seeking financing, as it allows the organization to present anticipated financial scenarios to potential investors or lenders.

In contrast, the other types of documents mentioned would either focus on historical data, current financial status, or involve formal audits, which do not align with the purpose of pro forma statements. Past performance documents analyze what has happened, while summaries of current status provide a snapshot of existing financial conditions. Audited reports add an element of validation and assurance regarding the accuracy of financial information, which is not the intention of pro forma statements.