Loppah Berhad has appointed Ariff & Co. as company auditor for financial year ended 31 December 2020. The audit fieldwork was completed on 11 March 2021. The audited financial statements and signed audit report were issued and submitted to Securities Commission on 19 March 2021. The following unrelated subsequent events were found during the audit:

1. During the year 2020, Loppah Berhad was named as defendant in a suit for damages by Fazz Corporation for breach of contract. In the opinion of company's lawyer there is a danger of significant loss to the client.

2. On 2 January 2021 Loppah Berhad declared an ordinary shares dividend of 1,000 shares with a par value of RM1,000,000 of its ordinary shares. It's payable on 1 March 2021 to the ordinary shareholders as at 31 December 2020.

3. On 1 February 2021, a lawsuit against Loppah Berhad was settled for an amount substantially in excess of potential liability recorded in the 31 December 2020 financial statement.

4. On 1 May 2021 the auditor discovered that a major customer of Loppah Berhad went bankrupt on 1 December 2020 due to declining financial health. The sale had taken place on 15 May 2020.
 

Required:
In each of the situations above, state from the following the appropriate action and justify your answers:
i. Adjust the 31 December 2020, financial statements.
ii. Disclose the information in notes to the accounts in the 31 December 2020, financial statements.
iii. Request the client revise and reissue the 31 December 2020, financial statements. The revision should involve an adjustment to the 31 December 2020, financial statements.
iv. No action is required.