Question about Audit Procedure

Here a question about audit procedure.

Today is 3 March 2019. The audit of your client, CD Limited, is nearly complete and the financial statements and the audit report are due to be signed next week. However, the following additional information has just been notified to the auditor by CD Limited. CD Limited year end was 31 December 2018. Materiality has been set at $400,000.
Event (i)
On 12 January 2019, the litigation claim by an employee has been succeed. Under the final court order, a compensation of $500,000 needs to be paid by CD Limited for the employee being injured in November 2018. Management has not made a provision in the 31 December 2018 financial statements.

Event (ii)
On 21 February 2019, a fire occurred at the warehouse located in Hong Kong. The fire resulted in extensive damage to 40% of Company’s inventories. No adjustment and disclosure related to the fire accident is provided in the 31 December 2018 financial statements.

QUESTION: Propose audit procedures that should be carried out in respect of the events above.

My answer to event (ii) is

the fire took place after the end of the reporting period but before the audit report was signed. The auditor has the active role on subsequent event review. The audit procedure include:
– Inquiry of management and expert to estimate the value of the 40% damaged inventories. The material loss of 40% of inventories then need to verify with management about the disclosure in the financial statement.
– Enquire that insurers have been informed. Review the response from the insurers confirming the amount of the insurance claim.
– Obtain a letter of representation for the effect of fire loss.

I dont know if my answer is correct. Thanks a lot!

What could be other procedures? or what I answered is wrong if any?