Problem: Subsequent to the issuance of the audit report for the final year of a 3-year contract, a fact is discovered that may have affected the final year's report. Which of the following actions is the auditor required to take? The auditor is required to reissue the auditor's report and to reference discovery of the fact. The auditor is required to determine whether the information is reliable and whether the facts existed at the date of the report. The auditor is not required to do anything because the auditor was discharged for reasons other than professional misconduct after the audited financial statements were issued. The auditor is not required to do anything because once the auditor has reported on audited financial statements, the auditor has no responsibility to carry out any retrospective review of the workpapers or show the effect of any newly discovered facts on them.