Case Studies - Answer ALL questions (5 x 5 marks - 25 marks) Q 1 - Al Reef L.L.C. is a relatively small, privately held food distributing company that operates in the Ad Dhariah Region and handles several product lines, including milk, milk products, ice creams, condiments, pickles, jam spreads, honey, home baking, frozen food, canned food, oils, ghee and beverages. It sells directly to retailers. It has approximately $10 million in sales and wants to grow at about 25% per year for the next five years. It is also considering a takeover or a merger with another food distributing company that operates in the same region. (a). Explain any four why management might want an independent audit of its financial statements. (4 marks) (b). What any four types of users might be interested in Al Reef's financial results? (1 mark) Q2- (a). Talal Al Harthy, CPA, does the bookkeeping, prepares the tax returns, and performs various management services for Sayyid Company, but does not do the audit. One management service involved the assessment of the computer needs and the identification of equipment to meet those needs. Talal recommended a product sold by Computer Company, which has agreed to pay Talal a 10% commission if Sayyid Company buys its product. (b). Basam Al Farsi, CPA, has served Hassan Company as auditor for several years. In addition, Basam has performed other services for the company. This year, the financial vice president has asked Basam to perform a major computer system evaluation (c). Due to the death of its controller, an audit client had its external auditor, Ghazi Al Amri, CPA, perform the controller's job for a month until a replacement was found