Circle-Up Training
Practice the judgment behind an auditor circle-up on pages from a real, publicly filed offering document. In Explore mode, hover or tap any highlighted figure to see whether an auditor would circle it under SAS 72 / PCAOB AS 6101 and why. In Test mode, mark every figure you would circle, then reveal a scored comparison. New to circle-ups? Start with the practical guide.
Avantor, Inc. — IPO Prospectus (2019)
Ten pages from Avantor's 2019 NYSE IPO prospectus: summary, the offering, summary financials, capitalization, dilution, MD&A, the non-GAAP reconciliation, business and industry.
Start practising
Quantinuum Inc. — IPO Prospectus (2026)
Ten pages from Quantinuum's June 2026 quantum-computing IPO: an Up-C structure with pro forma columns, bookings KPIs, negative Adjusted EBITDA and a TRA — modern grey areas throughout.
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Lime (Neutron Holdings, Inc.) — IPO Prospectus (2026)
Ten pages from Lime's July 2026 micromobility IPO: operational KPIs (rides, vehicles, MAAUs), third-party market share, TAM estimates, and Adjusted EBITDA / Free Cash Flow grey areas.
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Source: Lime (Neutron Holdings, Inc.) — IPO Prospectus (2026), SEC EDGAR (public filing) — view the original filing. Shown for professional training purposes.