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The client records its entire investment portfolio (limited influence) at cost rather than at fair value (Fair value reporting is required) . However, a detailed

The client records its entire investment portfolio (limited influence) at cost rather than at fair value (Fair value reporting is required). However, a detailed note to the financial statements shows the market values of all of the investments and the value of the security fair value adjustments accounts. The effect of the matter is material.

The auditor's opinion is likely to be

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