D Question 37 During an audit, Trek Auditing Company is seeking to understand the closing process of their new client, Cannon Enterprises. Senior management has recently disclosed that Cannon Enterprises' previous auditor resigned, citing disagreement with firm management centering on the propriety of closing process procedures. As a result of this disclosure, Trek Auditing Company is most likely to O delegate authority and responsibility of the audit of the closing process and related internal controls to the internal audit function, to lessen the external auditor's risk and liability O examine adjusting and closing entries to ensure that asset and liability accounts are zeroed out in preparation for the next period, and balances transferred to retained earnings O advise senior management of their intention to withdraw from the audit engagement, due to an unacceptably high level of inherent risk surrounding the closing process O plan and perform procedures to ensure that transactions are recorded in the correct period, and that internal controls pertaining to the closing process are functioning appropriately