Indicate the type of audit report

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Question - For each of the following independent situations, indicate the type of audit report that you would issue and briefly explain your reasoning. Assume that all companies mentioned are private companies and that each item is at least material.

Situation 1: APL, Inc., an American private company, uses LIFO for valuing inventories held in the United States and FIFO for inventories produced and held in its foreign operations.

Situation 2: Al RAWABI Inc. a manufacturing Company operating in the UAE, has used the double-declining balance method to depreciate its machinery. During the current year, management switched to the straight-line method because it felt that it better represented the utilization of the assets. You concur with its decision. All information is adequately disclosed in the financial statements.

Reference no: EM132574008

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