PalEx a Palestinian listed company issued its financial statements on the 31^st of December 2019. The company does not issue comparative statements. The company Audit report in 2018 was qualified due to material departure from IFRS in accounting for inventory. The company now Accounts for their inventory using FIFO.

You are an auditor PalEx asked to review the financial statements.

Required:

• Can you conduct a review Explain your answer?
• Based on your answer what would you advise PalEX do
• If they accept your advise and you performed all your procedures write the report