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On July 27, 20X0, Arthur Ward, CPA, issued an unqualified audit report on the financial statements of Dexter Company for the year ended June 30, 20X0. Two weeks later, Dexter Company mailed annual reports, including the June 30 financial statements and Wards audit report, to 150 stockholders and to several creditors of Dexter Company. Dexter Companys stock is not actively traded on national exchanges or over the counter. On September 5, the controller of Dexter Company informed Ward that an account payable for consulting services in the amount of $170,000 had inadvertently been omitted from Dexters June 30 balance sheet. As a consequence, net income for the year ended June 30 was overstated by $90,500, net of applicable federal and state income taxes. Both Ward and Dexters controller agreed that the misstatement was material to Dexters financial position at June 30, 20X0, and operating results for the year then ended. What should Arthur Wards course of action be in this matter? Discuss.