Question: After the audit report has been issued, someone discovers that the auditee had a material, unrecorded bank loan outstanding at year-end. There was no confirmation

After the audit report has been issued, someone discovers that the auditee had a material, unrecorded bank loan outstanding at year-end. There was no confirmation requested from that bank as the auditors were not aware of the auditee’s relation with that bank. What steps should an auditor should take in this situation?

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