External Auditors are responsible to form and express an opinion as to the fair presentation of the financial statements.

Truely, they are resposible to give opinion as to the fair presentation of the financial statement. Fair presentation also includes the disclosure of risk exposure in the financial statement. There are some ways to disclose these risk such as disclosure in the footnote of balancesheet, contingent liability, provisioning, notes to the account. Off balance item is one of the good example we can refer. All these information that may expose the company to the risk in future must be disclosed in the financial statement so that the users of it would not be misled and informed decision could be taken. 

Agreed.