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You are an auditor whose manufacturing client has chosen to use replacement cost to value its machinery and equipment at year-end. The client has not
You are an auditor whose manufacturing client has chosen to use replacement cost to value its machinery and equipment at year-end. The client has not been able to justify this approach to your satisfaction, but nonetheless intends to publish its financial statements using the replacement cost values. You are in the process of deciding what audit opinion you will issue. Discuss your options, making sure to explain why a particular opinion might be appropriate in these circumstances. Be specific.
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