our client's largest customer suffered a significant loss due to a fire occurring ifter the balance sheet date but before the audit report date. Your client believes this event could significantly affect the client's future financial performance because the customer's purchases account for over 80% of the client's annual sales. How should you address this subsequent event? Advise management to record an adjusting entry to write off all A/R from the customer as uncollectible as of the balance sheet date. Issue a disclaimer of opinion on the client's financial statements due to the scope limitation. Ignore any potential implications of the event because the auditor has no responsibility regarding subsequent events. Advise management to disclose the fire and its potential impact on future financial performance and the collectability of the customer's A/R in the F/S footnotes. Which of the following statements regarding Management Representation Letters and Attorney's Letters is correct. Management Representation Letters are written inquiries. In contrast, Attorney's Letters are confirmations. Management Representation Letters and Attorney's Letters are written inquiries. Management Representation Letters are confirmations. In contrast, Attorney's Letters are written inquiries. Management Representation Letters and Attorney's Letters are confirmations