1 1. An External Auditor issued an unqualified opinion on financial statement that failed to disclose that a significant portion of the accounts receivable was uncollectible. The auditor also failed to follow professional auditing standard with respect to Inventory. The auditor knew that the client would use the financial statements to obtain a loan from a bank. Subsequently, the audited company filed for bankruptcy. Required: a. What is an unqualified opinion? Briefly describe it. b. b. Under what circumstances would the bank that loaned money to the auditor's client make a claim on the Audit Firm? Briefly discuss