Case You are appointed as a statutory auditor for the first time to carry out the audit of AL Faisaliyah Contracting LLC for year ending December 31, 2019. The entity is engaged in trading of office furniture and fixtures and have operations in various cities of Oman and having a lot of transactions. The company has an internal audit system and reports for the same are given to you. The Companies Directors meeting is scheduled on January 16,2020 and the management wants an urgent report about the company's profit and loss account and balance sheet for the year ended December 31,2019. So you have to do the financial audit and prepare and present report in short period of time. So, it is very difficult to check all the transactions in detail. Qn- 3(a) While auditing you come across the following situations in the AL Faisaliyah Contracting LLC company records and you are requested to comment on the following cases. (1) Material weakness in the cash receipts from customers and disbursement for expenses. (2) Despite the fact that the company keeps large balance of cash in hand throughout the year, small amounts of OMR 5000 are withdrawn from the bank to meet day to day expenses. Qn- 3(b) Which audit procedure is most suited for the auditor when he/she is expected to audit all the transactions of the company in short period of time? Explain. Qn- 3(c) Mention any four factors you will consider to ensure that the said system of internal audit of Al-Faisaliyah Contracting LLC commensurate with the size of the company and nature of its business