A large financial institution affiliated with a public company with assets exceeding $$11$ billion experienced a breakdown in settlement procedures for automated processing of transactions. The institution requested the assistance of an audit team to resolve weak points, identify violations, and examine errors to the satisfaction of the institution$$s management. With the start of the audit team$$s work, a plan was drawn up to identify gaps and control the problems raised by the organization$$s management, and several results were evident, most notably the following

$$ Identify weaknesses in control and develop a treatment plan.

$$ Work with the administration to implement the plan.

$$ Establishing specific controls and following up to ensure that they are proceeding as intended.

$$ Settle unbalanced transactions for a previous two$-$year period.

$$ Collecting large amounts owed after proving gross negligence.

$$ Making important decisions that helped to continue efficiently in a highly competitive market.

Required:

In the context of the previous practical case, explain the following:

First: The most important factors that led to the need for auditing. $(20$ degrees$)$

Second: The most important economic factors that lead to the demand for auditing. $(20$ degrees$)$

Third: Analyze the previous practical situation and explain the importance of auditing in the Saudi work environment. $(20$ degrees$)$