Janice and Ray are working on the audit of Bloom LLC$,$ and have heard the term 'subsequent events' mentioned in a recent meeting. At lunch one day, Janice asks Ray if he understands what subsequent events are, and why the auditors pay attention to them? Which of the following are correct responses by Ray to this question? $($Select all that apply.$)$

Type I subsequent events are events that existed at the balance sheet date, and require the financial statements to be adjusted.

Subsequent events are best described as events that occurred between the date of the financial statements and the auditor's report.

Type Il subsequent events typically occur after the date of the financial statements, and require the auditors to disclaim an opinion on the financial statements.

Subsequent events are classified as Type I and Type II events. Type II events always require disclosure in the financial statements.