Final answer:
The statement is true; auditors are required to report illegal acts discovered during an audit to the audit committee in writing, assessing their impact on the financial statements and considering the implications for the auditor's report.
Step-by-step explanation:
An auditor must inform a client's audit committee of an illegal act discovered during an audit in writing. The statement is true. According to professional standards, if an auditor discovers any illegal acts or irregularities during an audit, they are generally required to communicate these findings to the appropriate level of management, which is often the audit committee. The auditor must also assess the impact of the illegal act on the financial statements and consider the implications for the auditor's report.