The management of Gorgan Limited (GL) has become aware of an error in its audited financial statements after its issuance to the shareholders. GL. intends to rectify the error and have approached the auditor for issuance of a new audit report on the revised financial statements. REQUIRED a) According to ISA 560 - Subsequent events, provide the FIVE (5) main procedures which the auditor should adopt in the above circumstances. (5 marks) Annual audit of Violet Textile Limited (VTL) has been completed and the financial statements and the audit report are due to be signed next week. During the concluding meeting with the client, the auditor was informed that a fire has destroyed all the raw cloth placed in the warehouse at the mill. About 68% of the destroyed cloth was purchased after the reporting date. However, due to certain defect in the insurance policy, the insurance company settled the claim by paying 75% of the amount of loss. REQUIRED b) Discuss at least THREE (3) auditor's responsibility and the actions that should be carried out by the auditor in the above situation. (5 marks) ISA 570 Going Concern provides guidance to auditors in respect of ensuring that an entity can continue as a going concern. REQUIRED c) List the FIVE (5) actions that an auditor should carry out to identify and ascertain whether an entity is a going concern.