CPA Aud Quiz
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PERFORMING FURTHER PROCEDURES AND OBTAINING EVIDENCE
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In a nonissuer audit, management estimates the net realizable value of slow-moving inventory and recorded a write-down based on expected clearance sales. After year-end, but before the auditor's report date, actual clearance sales prices were significantly lower than management's assumed prices for the same items, and the sales occurred under conditions similar to those existing at year-end. What is the most appropriate response given the subsequent event's effect on the estimate?
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