In the current year the operating revenue of State Mountain Gas Company declined to \(\$ 1.7\) million from \(\$ 2.2\) million in the prior year. Owing to an extraordinary item, however, net income increased by \(\$ 500,000\) in the current year.

The audited financial statements in the annual report were properly prepared to report the effect of the extraordinary item as a separate item before net income. The president's letter, however, discussed only the increase in net income.
What responsibility does the auditor of the financial statements have for the president's letter? What action, if any, should be taken in this case?