SCENARIO 2 Mr. Basim is the chief auditor of ABC Audit Team. Recently the team is invited to conduct the external audit of Galfar Company. A true and fair report has to be prepared on the affairs of the client company. Various audit procedures are used by Mr. Basim and team to determine the integrity of the financial reports and assertions made by the client as specific audit procedures used will vary by client, depending on the nature of the business and the audit assertions that the auditors need to validate/prove. Based upon the above scenario 1. Explain any 5 elements included in the audit report issued by the ABC Audit Team with reference to Galfar Company. (5X1-5 Marks) Based upon the above scenario 2 2. Discuss the audit procedure followed by Mr. Basim and team in the audit process. (5 X 1-5 Marks)