1-You are assigned to lead the team that will Audit ALFA company financial statements. Following Ratios Extracted from ALFA books 2018 2019 2020 Industry average Description Gross profit % of total sales) %42 38% %65 40% 40% 55% 75% 35% Credit Sales (% of total sales] Receivables Turnover 4.56 3.258 2.41 5.1 Inventory % of Total assets 24.7% 26.3% 32.2% 23.4% Inventory Turn over 2.15 2.4 1.75 2.21 Current Ratio 2.31 2.02 1.15 2.35 i-Identify with Explanations "3" main issues to be considered. ii- Identify with Explanations Appropriate evidence to be obtained. 1- The auditor of Beta discovers tax evasion. 2- The auditor discovered fraudulent incident. 3 3- 4 The auditor discovered critical internal control deficiencies. Question2: Requirements: For each independent issue identify & explain briefly: 1. The effect on the Audit Procedures (Planning, Risk Assessment, Materiality Level identified by Auditor, Auditor's appropriate Response & Course of Actions, Audit Opinion). You are expected to make your own assumptions & Scenarios, explain the appropriate Course of actions & Responses of the auditor, with appropriate Justifications to your answers