Closing stock valuation

Our company is a Pvt. Ltd company & doing business in the field of steel products trading. Every year we had valued our Closing stock on average or FIFO basis. Now for financial year 2015-16, we want to know whether it is possible to value closing stock on LIFO basis, taking into consideration the accounting standard applicable to Pvt. Ltd. Company for the financial year 2015-16.  If the company management values the closing stock on LIFO basis, what shall be the duties of statutory auditor? Whether a note on the accounts will be sufficient for auditors to certify the accounts. Please suggest