Question: A client changes from FIFO to LIFO for accounting for inventory and appropriately discloses the change in the footnotes. This change does not have a

A client changes from FIFO to LIFO for accounting for inventory

A client changes from FIFO to LIFO for accounting for inventory and appropriately discloses the change in the footnotes. This change does not have a material effect on the financial statements in the current year but the change is expected to have a material effect in later years. In the current-year auditor's report, the auditor should: A. Issue an unmodified opinion with an emphasis-of-matter paragraph. B. Issue an unmodified opinion with an other-matter paragraph. C. Issue an unmodified opinion. D. Issue a qualified or aiverse opinion

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

A client changes from FIFO to LIFO for accounting for inventory and appropriately discloses the change in the footnotes. This change does not have a material effect on the financial statements in the...

Q:

AUDITOR'S REPORTS (30 points) For each of the following brief scenarios, assume that you are the CPA reporting on the client's non-public financial statements. Using the form included in this...

Q:

For each of the following brief scenarios, assume that you are the CPA reporting on the client's non-public financial statements. Using the form included in this problem, describe the reporting...

Q:

For each of the following brief scenarios, assume that you are the CPA reporting on the clients non-public financial statements. Using the form included in this problem, describe the reporting...

Q:

For each of the following brief scenarios, assume that you are the CPA reporting on the clients non-public financial statements. Using the form included in this problem, describe the reporting...

Q:

1740 For each of the following brief scenarios, assume that you are the CPA reporting on the companys financial statements. Using the form included with this problem, describe the reporting...

Q:

1740 For each of the following brief scenarios, assume that you are the CPA reporting on the companys financial statements. Using the form included with this problem, describe the reporting...

Q:

1740 For each of the following brief scenarios, assume that you are the CPA reporting on the companys financial statements. Using the form included with this problem, describe the reporting...

Q:

Find solutions to your homework Search Question 1740 For each of the following brief scenarios, assume that you are the CPA reporting on the companys financial statements. Using the form included...

Q:

For each of the following brief scenarios, assume that you are the CPA reporting on the company's financial statements. Using the form included with this problem, describe the reporting circumstance...

Q:

A 14.1-mL sample of 0.996 M NaOH is mixed with 32.3 mL of 0.905 MHCl in a coffee-cup calorimeter (see Section 6.6 of your text for a description of a coffee-cup calorimeter). The enthalpy of the...

Q:

The price of Bionex Inc. shares rose by 25% in each of two successive years. If they began the two-year period at $12 per share, what was the percent increase in price over the entire two years?

Q:

he proportion of products based upon the number of units sold.Break - even analysisselected answer incorrectb. The proportion of products sold based on total sales revenue.Break - even pointselected...

Q:

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

Q:

c. What are common stereotypes about the group? How did these stereotypes originate?

Q:

8. Why do some people in the United States prefer not to talk about history? What views of social reality and intercultural communication does this attitude encourage?

Q:

1. Cultural-Group History. This exercise can be done by individual students or in groups. Choose a cultural group in the United States that is unfamiliar to you. Study the history of this group, and...