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6 A client informed the engagement partner that $190,000 of its inventory is deemed obsolete and is unwilling to adjust the financial statements. Accordingly,
6 A client informed the engagement partner that $190,000 of its inventory is deemed obsolete and is unwilling to adjust the financial statements. Accordingly, the financial statements have not been adjusted. The engagement partner, who has substantial experience in this industry, is aware of the client's position, but has agreed to issue an unmodified opinion on the financial statements. The materiality on the audit is $100,000.
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