Which of the following factors, when considered together, might lead the auditor to conclude that a significant going concern uncertainty existed?

I. Declining profitability

II. Managements intention to raise equity capital

III. Long-term debt as a large proportion of total debt

IV. An industry-wide slowdown of economic activity

V. Departure of key executives.

a. II, III and IV only

b. I, II, III, IV and V

c. I, III and V only

d. I, II, IV and V only