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During the audit of Jack Corporation, the auditors noted that the client switched from the LIFO inventory costing method to the FIFO method. As a
During the audit of Jack Corporation, the auditors noted that the client switched from the LIFO inventory costing method to the FIFO method. As a result of this finding, what should the auditors request? The auditors should file appropriate paperwork with the SEC to notify them of the change, per generally accepted auditing standards. The auditors should consider including a copy of all reconciliation calculations as an addendum to the financial statements, in the interests of transparency. The auditors should ensure all reconciliations between the two methods are correct. The auditors should request management add pertinent note disclosures to the financial statements, drawing attention to this change
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