Contents 1) Assume yourself as an External Auditor and Download the Financial Statements of a company listed in the Muscat Securities Market and conduct audit. h' a) You are asked to draw an overview of the Audit Processes of the selected company. b) How can you assess the risks associated with the audit of the financial statements. c) Do you think that the audit risk assessment is important? Justify. d) How do you arrive an opinion on the financial statement of the selected company? htt UJI 2) You have been the finance director of a Diwan Silks LLC Sohar, for ten years. Its yearend is 31st December 2019, and you are finalizing the year end accounts. You have recently been advised by the warehouse manager of a significant level of slow-moving stock. The stock in question is now more than nine months old and would normally have been written down some months previously. The shareholders of Diwan Silks LLC are trying to sell the company, and the managing director (the majority shareholder) has told you that it is not necessary to write down the stock in the year end accounts. You are sure that the managing director wants the financial statements to carry an inflated stock valuation because he has found a prospective buyer. The managing director has indicated to you that, if the proposed deal is successful, all employees will keep their jobs and you will receive a pay increase. Course Code: BAAC2210/BAAC2203 Course: Auditing & Assurance-1/Auditing & C a) Identify the professional code of ethics related this case and explain how is it related? b) Specify the threat associated with this case. Justify it. c) How do you manage the situation