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Statement of financial position as at 31 December 2020 (estimated) 2010 (audited) RA'000 RM'000 Non-current liabilities Bank loam 18,000 26.000 Current liabilities Trade payables 14,000 10,653 Overdraft (facility RM15 million) 14,750 12,019 Bank loan 8,000 8,000 Provision for redundancy costs 5,500 300 In addition, the engagement partner provided you with the following information- The company purchases discontinued goods from suppliers based throughout the world All purchases are made on 30-day credit terms and are invoiced in the supplier's local currency. Recent trading conditions have been difficult for SAH because of the increase in the number of competitors offering comparable goods. The Malaysian Retail Consortium. a trade association for retailers, has forecasted difficult trading conditions for the sports retail sector for December 2020 and throughout 2021. SAH received criticism in the media for failing to deliver many orders placed on 27 November 2020 when further discounts were offered to customers shopping on SAH's website during the "Black Friday' sale. Capacity issues in the warehouse meant that inventory held in the warehouse was insufficient to fulfil all the orders placed. In addition the website failed to update inventory levels as goods were sold online, resulting in stock outs and some customers not receiving their orders. In October 2020. Ministry of Human Resources (MOHR) commenced an investigation into breaches by SAH of the Malaysian minimum wage legislation. Most SAH employees are paid the Malaysian minimum wage for the hours they work when their store is open to the public. However, they are required to work unpaid for an additional hour after the store has closed to prepare the store for the next day's trading. MOHR's view is that employees should be paid for this additional hour and has requested access to SAH's payroll records for the previous six years. On 1 November 2020. SAH's directors approved and announced a major reorganisation plan to return the company to profitable trading. The plan includes the closure of 40 stores. Approximately 20% of the workforce will be made redundant over the next 12 months through a voluntary redundancy programme. The directors have asked that employees apply for voluntary redundancy by 31 December 2020. Redundancy payments are calculated based on the employee's length of service and current wages. SAH is offering redundancy packages with terms that are more beneficial than the statutory rates set by the Malaysian governmentThe overdraft facility is due for review on 31 Jamaary 2021. The bank has requested audited financial statements by that date together with profit and cash flow forecasts for the five years ending 31 December 2025. The bank loan is repayable in quarterly installments of RM2 million SAH does not currently have an internal audit function. However, following the discovery of a theft of a material value of inventory at the warehouse, the board of directors decided to introduce such a function during the year ending 31 December 2021. Required: (a) Justify why item (!) going concern and (2) provision for redundancy costs have been identified as key areas of audit risk and for each risk, describe the audit procedures that should be included in the audit plan to address those risks. Present your answer in a two columns format using the following subheadings as below- (24 marks) (1) Going concern (Justification) Going concern (Audit Procedures) (2) Provision for redundancy costs Provision for redundancy costs (Justification (Audit Procedures) (b) In respect of the directors' decision to introduce an internal audit function: i List FOUR (4) performance indicators which could be used by the audit committee to monitor the quality of the internal audit function. ii. If you plan to rely on its work to reduce the extent of the audit procedures you will carry out for the year ending 31 December 2021 audit, explain the relevant aspects of the internal audit work that you need to satisfy in order to be able to place the necessary reliance. (6 marks) (c) Assuming your firm concludes that there is am uncertainty about the going concem status of SAH, explain the potential implications for your firm's audit report for the year ended 31 December 2020 if the directors do not make appropriate disclosures. (4 marks)QUESTION 2 (34 marks) Your firm is the external auditor of Sporty and Healthy Berhad (SAH), a listed company. for the year ending 31 December 2020. SAH is a retailer of discounted branded sports footwear, clothing and accessories at up to 50% off their recommended retail price SAH sells goods from 110 stores across Malaysia and through its own website which was launched on 1 January 2020. SAH owns a warehouse in Cyberjaya which holds goods prior to despatch to its stores and online customers. You are the audit senior and the engagement partner has asked you to consider the following two key areas of audit rick: (1) Going concern (2) Provision for redundancy costs The engagement partner provided you with the following extracts from the financial statements Statement of profit or loss for the year ended 31 December 2020 (estimated) 2019 (audited) RM'000 RM'000 Revenue 200 0 00 220 215 Cost of sales (130,000) (134.007) Gross profit 70.000 86.208 Loss before tax (12.500) (1.758)