Smith, CPA was engaged to audit the financial statements of XYZ Company for the year ending 31 December 2016. The last day of fieldwork for the audit was 16 March 2017. On 20 March 2017, Smith learned that XYZs St. Louis factory, representing 90% of the XYZs productive capacity, burned to the ground earlier that day. The date of the issuance of the audit report was to be 30 March 2017. Which of the following statements regarding this situation is correct?

XYZ must accrue this loss in the financial statements and disclose the event in the notes to the financial statements.

Smith may ignore this event since it occurred after the last day of fieldwork.

The date of the audit report may be dual dated (31 December 2016 and 20 March 2017).

The date of the audit report may be dual dated (16 March 2017 and 20 March 2017).