A company has changed its method of inventory valuation from an unacceptable one to one in…

A company has changed its method of inventory valuation from an unacceptable one to one in conformity with generally accepted accounting principles. The auditor’s report on the financial statements of the year of the change should include

a. No reference to consistency.

b. A reference to a prior period adjustment in the opinion paragraph.

c. An emphasis-of-matter paragraph explaining the change.

d. A justification for making the change and the impact of the change on reported net income.

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