A Client Has Changed Their Method of Valuing Inventory from FIFO

question 104

Multiple Choice

A client has changed their method of valuing inventory from FIFO to LIFO and the change has a material effect on the financial statements.If the auditor does not concur with the appropriateness of the change, the auditor should issue a(n) :

• A)disclaimer.
• B)adverse opinion.
• C)unqualified opinion.
• D)qualified opinion.

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Definitions:

Uncooked Parts

Portions of food that have not been sufficiently heated or cooked, which may pose health risks if consumed.

Close-Cropped Black Hair

A hairstyle featuring very short, neatly trimmed black hair, keeping it close to the scalp.

High Cheekbones

A facial feature where the cheekbones are prominent and located high on the face, often considered desirable in various cultures.

Mischievous Gleam

A look or expression that suggests playful intent or a tendency to cause harmless trouble.