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| An auditor’s inquiries of management disclosed that the entity recently invested in a series of energy derivatives to hedge against the risks associated with fluctuating oil prices. Under these circumstances, the auditor should A. Document the derivatives in the auditor’s communication with the audit committee. B. Examine the contracts for possible risk exposure and the need to recognize losses. C. Confirm the marketablility of the derivatives with a commodity specialist. D. Perform analytical procedures to determine if the derivatives are properly valued. |