Question 1:

Al Arab is the medical insurance company established on 1^st January 2000. The company is well known and generating positive cash flows for the 15 years. From the year 2016, the company suffering losses. To make different corrective actions, the CEO of a company decided to change the CPA firm. The company hired Axis firm as a new CPA firm. Now suppose you are the senior auditor of this firm and your CEO assigned you to perform audit procedures for the client Al Arab 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?

b. Support each type of audit procedure with relevant example.