1) You are working as an audit assistant in Precision Audit Firm, Muscat. You are provided with its financial statement of Assarain Furnishing Company LLC, for the year 2022 for conducting audit. Required: a) Precision Audit Firm asked you to assess the effectiveness of the internal control system of a client. Do you think that assessing the internal control system of the company is required? Justify your answer. (2 Marks) b) Identify and discuss the suitable procedures to be followed by you at the time of examining the evidences related to any three (3) "Fixed Assets" of Assarain Furnishing Company? (3 Marks) 2) You are employed as an accounting systems manager in a company that manufactures heavy plant. You and the financial controller both report to the finance director. During your work, you overhear the financial controller saying that he has not been disclosing certain things to the external auditors. These include the fact that a recent acquisition has resulted in a large piece of machinery becoming redundant and of very little value. You are unsure whether to believe this, but you are concerned that the culture within the finance department appears to be one of antagonism towards the external auditors, who are (unreasonably in your opinion) seen as adversaries of the company. In addition, you have heard that a bribe was paid to an overseas company to secure a sales contract. You feel uneasy about the situation, and you are concerned that the close relationship between the financial controller and the finance director may prevent you from exploring the accuracy of the information that you have received. a) Identify the Ethical Issues related to the professional code of ethics in this case and explain how is it related? (3 Marks) b) How will you manage the situation? (2 Marks)