You are an Audit Manager at Audit$4$Us Incorporated $($Audit$4$Us$).$ The client you are auditing is Personification $($Pty$)$ Ltd $($Person$)$ for the financial year ending $31$ July $2024.$ Person is part of a franchise group of retail stores across South Africa. During the audit of Person, you inspected the annual financial statements $($AFS$)$ prepared by the Chief Financial Officer $($CFO$),$ Brian Macay. You noted that all of Person's assets and liabilities were fairly valued, and that Person had become factually insolvent. You met with Brian Macay and the other directors of Person to discuss their plan of action regarding resolving the issue of being factually insolvent. The following notes were made during the discussions held, and Brian Macay prepared a cash flow projection as follows: Notes per the discussion $$ Directors are aware that a plan of action is required to improve the current situation of Person to avoid a modification to the audit opinion due to possible going concern issues. $$ The directors believe that Person will be able to continue as a going concern due to the following plan together with the cash flow projection: o The holding company of Person is named High Fly Limited $($High Fly$).$ Audit$4$Us also audits High Fly. You are aware of the subordination agreement entered into between Person and High Fly of a loan amount payable by Person in the amount of R$11500000.$ The Financial Director of High Fly, James Bind, has agreed to subordinate the loan of R$11500000$ until Person has restored its financial position from a net liability position to a net asset situation. Extraction of the cash flow projection The cash flow projection was prepared $($by Brian Macay$)$ for the $12$ months ending $31$ July $2025.$ Cash flow projections for the $2025$ financial year prepared by the CFO Amounts in Rands $($R$)$ Opening cash balance $(1500000)$ Add: Cash inflows from operations $15348900$ Less: Cash outflows from operations $(12547400)$ Closing cash balance $1301500$ Audit Trainee The Audit Trainee has to commence with the assessment of the going concern for Person. However, the audit trainee raised the following questions during the audit engagement meeting held with the audit engagement team: $1.$ Explain the concept of going concern as it pertains to auditing. $2.$ How does the auditor assess whether the going concern assumption is appropriate? $3.$ What are some examples of events or conditions that might cast doubt on an entity's ability to continue as a going concern? $4.$ How does the auditor communicate their findings regarding going concern issues in the audit report? REQUIRED: As an Audit Manager, respond to the Audit Trainee$$s questions on going concern.