10. When auditing the long-term investment account of a new client, the auditor finds that there is a large contingent liability that is important to the consolidated company. This contingent liability is likely to be resolved with a material loss in the future, and this amount is reasonably estimable at $2,000,000. Although no adjustment entry has been made, the client has provided a note to the financial statements describing the matter in detail and including the estimate of $2,000,000 in that note. Condition: Type of Opinion: Comments: