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Which of the procedures are likely to suggest for the client

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Problem 1: In the audit for a company's goodwill, you have seen that the company has been amortizing its goodwill over a 40-year period. Which of the following procedures are you most likely to suggest as correction for the client?

A. Continue to amortize the cost of the goodwill over a 40-year period
B. Allow adjustment for the client for a legal life of 20-years for the goodwill, providing necessary retroactive adjustments to the original entries made C. Suggest that an entry be made to record the goodwill at cost and be tested for impairment on an annual basis and more often if certain events occur
D. Suggest that an entry be made to record the goodwill at cost and be tested for impairment every three years

Reference no: EM132821364

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