ou've been provided with the following information about your client. This information is discovered before the audit report is signed but after the end of financial year. What AUDIT action is required? The client has a disagreement with the Australian Tax Office with regards to a tax debt. The debt is worth $50 million in alleged unpaid taxes. The cash balance of your client is $120 million. You have met with the client's legal team and obtained case details. The client has also permitted you to obtain a confidential independent opinion about the case. The independent opinion is that they believe the client does have a tax debt to the Australian Tax Office. They also estimated that the $50 million and the amount is accurate figure of the potential payment and there is a high likelihood that the payment will occur. The auditor will request the client add a $ 50 milion liability to the balance sheet In this financial year The auditor will add a $50 million liability to the balance sheet in this financial year The auditor will add a disclosure to the notes of the financial statements about the contingent liability in this financial year The auditor