Which of the following situations would most likely require special audit planning?
A) Inventory consists of precious stones.
B) Some items of factory and office equipment do not bear identification numbers.
C) Depreciation methods used on the client's tax return differ from those used on the books.
D) Assets costing less than $500 are expensed even though their expected life exceeds one year.

Question

Quizplus · Accepted Answer

Precious stones are high value assets that require special handling and valuation considerations, which would require special audit planning.

Which of the Following Situations Would Most Likely Require Special