The Auditing Profession Act defines a reportable irregularity and stipulates the auditor$$s duty to report on irregularities. The audit manager brought the following article in the Financial Mail to your attention:

Adam$$s Sugar Manufacturers$$ JSE listing has been suspended

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Early this morning Adam$$s Sugar Manufacturers Limited announced that their prior financial reports cannot be relied upon. A restatement of a third of equity is expected. The company implicated its former CEO and warned investors that its $2019$ financial results were overstated by R$4$ billion because of an overstatement of assets.

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As of this morning, the share price was trading at R$5,$ which was an $88\%$ decline in the value of shares in one week. The JSE has since suspended the listing to protect investors.

You have documented the following options in your working paper:

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$1$ It needs to be reported as this constitutes a reportable irregularity and the facts meet the definition of a reportable irregularity.

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$2$ It is not necessary to report the matter as this does not constitute a reportable irregularity and did not cause a material financial loss to Adam$$s Sugar Manufacturers Limited$$s investors.

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$3$ The engagement partner needs to send, without delay, a written report to the Independent Regulatory Board for Auditors $($IRBA$)$ with particulars of the possible reportable irregularity.

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$4$ Within five $(5)$ days of sending the report to the IRBA, the engagement partner must notify the board members of Adam$$s Sugar Manufacturers Limited in writing that he has sent the report to the IRBA and supply them with a copy of the report sent to the IRBA.

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Choose the option describing the correct actions to be taken by the engagement partner in terms of the Auditing Profession Act.

Select one:

a$.$

$1$ and $4$

b$.$

$1$ and $3$

c$.$

$2$

d$.$

$1,3$ and $4$