Case-2 You are the internal auditor at Al Sohar, LLC. You have been working together well as a team and management seems to be well supportive of the internal audit activity. The chief executive officer, Mr. Yousuf requests the internal audit activity to assist with the following tasks as other departments have too much work to do. 1. Performing the monthly bank reconciliation on the company's bank account. 2. Evaluating the adequacy and the effectiveness of the controls in the sales, receivables and cash receipt cycle. 3. Performing inventory counts every month as a part of the company's internal control over its perpetual inventory. 4. Searching for suitable financial staff for the client company. 5. Conducting a review of the extent of which the marketing department complies with the policy and procedures laid down by the company. 6. Designing the risk management process of the company. 7. Conducting a control self-assessment training for the management of the company. 8. Examining the actions and policies of the organization to ensure that there is efficient and effective utilization of the available resources. On- 2(a) Identify and explain for each of the tasks mentioned above, whether it should be performed by Internal Audit Activity or not. Give detailed explanation for your answer Qn- 2(b) The scope of the statutory or professional audit is limited by both the cost and the time factors. Therefore, it is increasingly being recognized that for an audit to be effective especially when the size of concern is large the existence of a system of internal check and control are essential. Comment on the above statement