On January 2,20Y9,the Zoom Detail Shoppe received notice from its primary supplier that all wholesale prices were being increased by 10%,effective immediately.Based on this notice,Zoom revalued its December 31, 20Y8,inventory to reflect the higher costs.The inventory is a large proportion of the total assets.The effect of the revaluation was material to current assets,but not to total assets or net income.The increase is adequately disclosed in the footnotes. REQUIRED: Which type of audit report would you suggest be issued this year and why?

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The Answer of  On January 2,20Y9,the Zoom Detail Shoppe received notice from its primary supplier that all wholesale prices were being increased by 10%,effective immediately.Based on this notice,Zoom revalued its December 31, 20Y8,inventory to reflect the higher costs.The inventory is a large proportion of the total assets.The effect of the revaluation was material to current assets,but not to total assets or net income.The increase is adequately disclosed in the footnotes. REQUIRED: Which type of audit report would you suggest be issued this year and why?

On January 2,20Y9,the Zoom Detail Shoppe Received Notice from Its