In order to form an audit opinion, auditors must obtain sufficient appropriate audit evidence. International Standards on Auditing identifies the types of auditing procedures that an auditor might carry out in order to obtain audit evidence. Assume that the auditor is planning for the audit of a car accessories manufacturing company. The total assets of the company are OMR 50 Million, liabilities are OMR 30 million and share capital is 20 Million. The company use high level technology to manufacture the car accessories for global market. The auditor believes that the financial statements are at risk of material misstatement. Required Considering the broad categories of types of techniques of collecting audit evidence below, give examples, where applicable of specific audit technique that could be undertaken with regard to the audit of financial statement and discuss the reliability of the evidence received. from those procedures. 1. Inspection. 2. Observation. 3. Confirmation. 4. Recalculation. 5. Re-performance. 6. Analytical procedures. 7. Inquiry