Question-1 The Managing Partner of Ibri Trade LLC, Mr. Ismail Mohammed al Kalbani, says he is fed up with you, the external auditor. He has frequently complained that the audit provides no benefit to him as Owner-Manager. During the final audit last year you discovered that Mr.Ismail had been withdrawing funds from the business which he refused to disclose as Directors remuneration and therefore you were obliged to qualify your audit opinion. Mr. Ismail intends to remove you as auditor. Required: (a) Do you think external audit is compulsory for Ibri Trade as per Oman legal requirements? Yes/No. justify your answer. (2 marks) (b) Why Mr. Ismail might feel that; the audit provides him with no benefit. (2 marks) (c) Discuss the purpose of an external audit and its role in the audit of large listed companies. (6 marks) Auditors have various duties, rights and obligations to perform in their role as auditors, for example, to assess the true and fair view of the financial statements. d) Do you think the rights and responsibilities of an external and internal auditor are same? Also discuss in detail any three rights and duties of an external auditor