iii. Subsequent to the date of the financial statements, as part of your subsequent event audit procedures, you discovered that one of the client's two uninsured plants was damaged due to a recent fire. The newspapers described the event in detail but the financial statements and appended notes prepared by the client did not disclose the loss caused by the fire.

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Stock Market Indices

Stock indexes are used to compare the price fluctuations of a group of stocks of similar companies, which are combined based on a similar industry or a particular market capitalization limit or type of market. The price comparison is based on a pre-determined standard method or indicators. These stock indexes are usually considered a base for comparison of a particular stock, and the performance of that particular company can be easily determined.