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6 . As the accountant in charge of Current Asset reporting for a publicly traded company, you recorded inventories at historical cost in a draft
As the accountant in charge of Current Asset reporting for a publicly traded company, you recorded inventories at historical cost in a draft version of the companys quarterly balance sheet. Just before sending this version to the companys CFO, you realized that inventory had to be recorded at lower of cost or market. As a result, you updated your calculations and submitted a corrected version that reported a loss writedown in inventory value from cost to market. To eliminate possible confusion, you put the heading FINAL in bold letters on the submitted version and deleted the obsolete version from the companys server. You did perform a backup of the final version on the companys server, with a clearly worded description to facilitate later retrieval. Did your actions comply with SOX?
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