In this discussion question, you will identify the procedures required in the event errors come to the auditors' attention after the report is issued.

1. What are auditors required to do if they determine that there was a misstatement in the clients financial statements after the issuance of the report? What about omission of required disclosures?
2. What are they required to do if they find that their audit procedures were incomplete or incorrectly applied? What are some of the liability issues related to this process and how can the auditor protect themselves?