Your audit of ToyWorld Ltd, for the year ended 31st December 2022, is coming to end. On 28th January 2023, you discovered that at ToyWorld's annual meeting, dated 28th December 2022, the board was considering a management suggestion to expand its market to India. The suggestion was approved and, on 25th January 2023, ToyWorld took a $2million short-term loan from the National Bank. The loan will be used to acquire facilities and inventory for a new store in New Delhi, which will be opened in June 2023. The auditor's report will need to be signed on 10th February 2023, and the financial statements will be mailed to shareholders on 14th February 2023.

Required

i) What further evidence and substantive procedures would you consider in relation to the event? What would have occurred if the event was discovered after the date that the financial report was publicly issued? ii) What audit opinion would be appropriate if the directors of ToyWorld believe that there would be nothing to do in the current (2022) financial year regarding the above event? Justify your answer.