Your firm provides audit and assurance services and has been slowly growing its client base by building a reputation for efficient audits and reasonable fees.

GCA has been ABC Ltd's auditors since its inception. The audit partner emphasises the need for an efficient audit and notes that team members should not spend too much time on each audit area.

The audit partner envisions larg potential in ABC Ltd and wishes to forge a lasting relationship. The CFO of ABC Ltd is not a Chartered Accountant, and the quality of accounting records has been poor in previous engagements.

You recently qualified as a Chartered Accountant and are a senior auditor on the upcoming audit of ABC Ltd for 30 Jun 2022.

You have worked on this clients previous two engagements and are familiar with the business. The previous two engagements and respective reports are summarised as follows:

Year end: 30 Jun 2020 Audit opinion: Unmodified Audit report: No other impact

Year end: 30 Jun 2021 Audit opinion: Qualified opinion on sufficiency of evidence to support intangible assets Audit report: Material uncertainty relating to going concern

a) Identify the risks of GCA continuing as ABC Ltd's auditors for 30 Jun 2022?

b) Justify your responses.