Elliott and Prescott, CPA's, have recently determined that subsequent to the audit report issuance date, (March 3, 2024) of the audited financial statements of Beltre, Inc., a nonpublic company, for the year ended December 31, 2023, a material account receivable balance which was thought to have been confirmed was not actually received. However, due to the materiality of the account, the auditors had examined subsequent cash collection of this receivable balance as part of routine collectibility tests for the December 31, 2023 audit, and were satisfied that this accounts receivable balance had been fully collected.The omitted procedure had been detected by a team of TSCPA authorized peer reviewers from Arthur Watermouse, CPAs. Assume that all audit files had been properly finalized for the December 31, 2023 audit at the time of discovery of the omitted procedure.

Required: Explain what Elliott and Prescott, CPAs should do, including any documentation requirements as per the professional standards.Also cite the relevant Au-C clarity standards paragraphs in support of your answer.