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Whether or not prophesying (or, at least future-telling prophesying) still happens today is up for debate (see What is the basis for Cessationism). However, if it does still happen today, then most Christians would agree that the Prophet's Test you mentioned is still very important.
Prophecy is only defined as such when it is a revelation from God. And since it is impossible for God to lie, any so-called prophecy that proves false must not have been from God. The principle of the passage still applies: if a prophet speaks presumptuously, asserting God's authority when God's authority was not actually given, that "prophet's" credibility is shot - he cannot be trusted.
Upvote:-2
First of all, Romans 8:16 should let you believe that there is God, and His spirit can contact anyone, even you. There is a level of prayer where the spirit takes over your prayer, taking you closer to God. Romans 8:26 "Likewise the Spirit also helpeth our infirmities: for we know not what we should pray for as we ought: but the Spirit itself maketh intercession for us with groanings which cannot be uttered." Now, from 1Cor 14:1-3 where someone has to prophesy to you, it must give you comfort and improve your mind and character.
Another thing is that the prophecy may cause you the listener to react. 1 Corinthians 14:24-25 "But if all prophesy, and there come in one that believeth not, or one unlearned, he is convinced of all, he is judged of all: And thus are the secrets of his heart made manifest; and so falling down on his face he will worship God, and report that God is in you of a truth."
Upvote:-1
God no longer uses prophets to reveal his will. The Bible is the only valid revelation today for how we ought to live. Prophets were God's chosen mediators between God and man. With the giving of the Holy Spirit at Pentecost along withe scriptures human prophets are no longer necessary or valid.