You are an audit manager of Ahmed Naznin & Co. (ANC). You have a client named, Oysters Limited, audit of which is currently ongoing. Before completion of your audit, Novel Corona (COVID-19) pandemic has out broken. Government has issued lockdown from 26th March to 30 May as health & safety measure. In the meantime, your team has reported the following issues to you:

Oysters Limited is a 100% export-oriented garments manufacturing company located in Savar, Dhaka. Oysters Limited prepared its financial statements on going concern basis at the end of its financial year end 31 March 2020. During the recent ended financial year, Oyster enjoyed significant revenue growth and earned higher profit compared to the previous year. Management concluded that going concern assumption is valid. Your team has also reviewed the going concern assessment made by the management and concluded that going concern assumption made by the management is valid. However, after the year end, Oysters Limited received notifications from its buyers that all of them have cancelled the ongoing and outstanding orders. Ordersfor which goods were produced has been instructed to defer the shipments. Furthermore, due to the lockdown, Oyster had to shut down its operation. Despite non generation of any revenue, it still had to incur the operating and payroll expenses. This led to significant liquidity shortage. However, Oysters Limited was unable to secure any borrowings from bank.

Requirements:

(i) Based on the above information, suggest necessary steps that the auditor should take as a part of 'completing the audit" and why.[7 Marks] (ii) What audit opinion, you think, should be issued and why?[6 Marks]