CPA Aud Quiz
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PERFORMING FURTHER PROCEDURES AND OBTAINING EVIDENCE
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You are the auditor of a nonissuer in a financial statement audit. The client's warehouse was destroyed by a tornado on January 18, 20X5, after the December 31, 20X4 balance sheet date but before the audit report date. The destroyed inventory represented approximately 35% of total inventory at year-end, and the loss was not covered by insurance. What is the most appropriate response to this subsequent event?
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