(a) Seng Berhad (Seng) specializes in manufacturing steel products and the company has a diverse customer base but it has only 10 significant customers (significant concentration of credit risk). The financial year end of Seng is 30 September. Seng is one of your firm's client. As the audit supervisor you are planning the audit for Seng for the year 2020. During the year, few significant customers have experienced a fall in sales, and consequently they have purchased less products from Seng. Due to the lower volume of sales, Seng has started to face financial difficulties and paid few suppliers later than usual and some of them have withdrawn the credit terms or shorten the credit period. Seng needs to pay cash on delivery for those suppliers who have withdrawn the credit terms. Furthermore, one of the main suppliers is threatening legal action to recover the amount outstanding. As a result, the current ratio has fallen below 1 to 0.8 for the first time. Seng has prepared a cash flow forecast to 30 June 2021 and this shows net cash outflows until May 2021. Based on the Statement of Financial Position, Seng has a term loan of RM2.5 million which is due for repayment in full by 30 September 2021. The Chief Finance Officer has just informed the audit manager that there is a possible change in legislation that caused one of its product lines obsolete as it will not comply with the proposed law. This event has not been reflected in the cash flow forecast mentioned above. Required: (i) Explain FIVE (5) potential indicators that Seng is NOT a going concern. (5 marks) () Describe any FIVE (5) audit procedures which you should perform in assessing if Seng is a going concern or otherwise. (5 marks) (iii)The auditors have been informed that the company's bankers will not decide on any further loan application until after the audit report is completed. The directors have now agreed to include some going concern disclosures. Evaluate the impact on the audit report of Seng if the auditor believes the company is a going concern but that this is subject to a material uncertainty