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What is the appropriate course of action for the client

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Question - The financial year of your audit client Rios Ltd ended on 31 July 2020. Your audit report was signed on 19 October 2020 and the financial statements were due to be issued on 10 November 2020. The auditors have discovered the following material event:

A customer of Rios Ltd reported losses in recent years and had experienced cash flow difficulties since the onset of COVID-19. The customer, who owed Rios Ltd $204 000, announced on 24 August that they were going into voluntary liquidation.

Required -

1. Identify and explain the auditor's responsibilities in relation to this event.

2. What is the appropriate course of action for the client?

3. Assume that management do not agree with any recommendations that you make as the auditor. What type of audit opinion would you provide?

Reference no: EM132751621

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