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On July 27, 20X0, Dexter Morgan, CPA, issued an unqualified audit report on the financial statements of Company for the year ended June 30, 20X0. Two weeks later, Company mailed annual reports, including the June 30 financial statements and Dexter Morgan 's audit report, to 150 stockholders and to several creditors of Company. Company's stock is not actively traded on national exchanges or over the counter.
On September 5, the controller of Company informed Dexter Morgan that an account payable for consulting services in the amount of $170,000 had inadvertently been omitted from Company's June 30 balance sheet. As a consequence, net income for the year ended June 30 was overstated by $90,500, net of applicable federal and state income taxes. Both Dexter Morgan and Company 's controller agreed that the misstatement was material to Company 's financial position at June 30, 20X0, and operating results for the year then ended.
What should Dexter Morgan's course of action be in this matter? Discuss.
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