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The fieldwork for the December 31, 2016 audit of Meyers Corporation ended on March 17, 2017. The financial statements and auditor's report were issued and
The fieldwork for the December 31, 2016 audit of Meyers Corporation ended on March 17, 2017. The financial statements and auditor's report were issued and mailed to stockholders on March 29, 2017. In each of the material situations detailed below, indicate the appropriate action. (You can use each more than once or not at all) On April 5, 2017, you discovered that, on February 16, 2017, a flood destroyed the entire uninsured inventory in one of Meyer's warehouses. Disclose the information in af Choose] Request the client revise and reissue the December 31, 2016 financial statements. The revision should involve the addition of a footnote, but no adjustment, to the December 31, 2016 financial statements Adjust the December 31, 2016 financial statements Request the client revise and reissue the December 31, 2016 financial statements. The revision should involve an adjustment to the December 31, 2016 financial statements Disclose the information in a footnote in the December 31, 2016 financial statements. No action is required On February 17, 2017, you discovered that, on February 16, 2017, a flood destroyed the entire uninsured inventory in one of Meyer's Warehouses [Choose] On February 17, 2017, you discovered that on November 30, 2016, a flood destroyed the entire uninsured inventory in one of Meyer's warehouses [Choose] On April 5, 2017, you discovered that, on March 30, 2017, a fire destroyed one of Meyer's 13 plants [Choose] On April 7, 2017, you discovered that a debtor of Meyer went bankrupt on January 6, 2017, due to gradual declining financial health of which your client had been aware of
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