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audit procedures
warn the directors that in your opinion, aviation fuel should be valued at lower of cost or net realisable value and that using the market value will result in a modification of audit report
if the directors now amend the financial statements to show inventory valued at cost, then consider mentioning the issue in the deficiency letter and do not modify the audit report in respect of this matter
if the directors will not amend the financial statements, quantify the effect of the disagreement in the valuation method.my doubts, what is deficiency letter for?
i didnt understand the step, quantify the effect of the disagreement in the valuation method,
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