Acc302 course, arab open university lebanon, from book principles of auditing and other assurance services(whittington pany)

Question 1: (25 marks) Orange & Co is the motor insurance company established on 1 st January 2005. The company is well known and generating positive cash flows for the first 10 years. From the year 2015, the Orange & Co profit was on declining trend. To make different corrective actions, the CEO of a company decided to change the CPA firm. The company hired Purple & co as a new CPA firm. Now suppose you are working in Purple & Co, and your CEO assigned you to perform audit procedures for the client Orange & Co and obtain sufficient audit evidence. Required: a. What are the different types of audit procedures that you as an auditor is planning to perform/adopt during audit process? (15 marks) b. Support each type of audit procedure with relevant example. (10 marks)