please solve only case 1 all parts. avoid plagiarism

Contents Resources Learning Outcomes Marks 1) You are the external auditor of National Detergent Company SAOG (NDC) is one of the leading manufacturing companies in the Sultanate of Oman. NDC manufactures and distributes a wide range of highly reputed and successful brands covering various segments like detergents powders, liquid detergents, soaps, shampoos, allied laundry aids and other household cleaners. As an Auditor of the company, answer the following questions. a) Do you think that the audit risk assessment is important? Justify your answer. (2 Marks) b) How can you ensure the reliability of its financial statements. (2 Marks) c) How do you arrive an opinion on its financial statements? Discuss. (2 Marks) After the completion of this assignment the students will be able to Describe the risk assessment procedure in conducting External Audit LIBRARY: Ray Whittington, Principles of Auditing & Other Assurance Services, Mc Graw Hill 2) You have been the finance director of a Diwan Silks LLC Sohar, for ten years. Its yearend is 31st December 2021, and you are finalizing the year end accounts. You have recently been advised by the warehouse manager of a significant level of slow-moving stock. The stock in question is now more than nine months old and would normally have been written down some months previously. The shareholders of Diwan Silks LLC are trying to sell the company, and the managing director (the majority shareholder) has told you that it is not necessary to write down the stock in the year end accounts. You are sure that the managing director wants the financial statements to carry an inflated stock valuation because he has found a prospective buyer. The managing director has indicated to you that if the proposed deal is successful, all employees will keep their jobs and you Open Educational Resource: https://archive.mu.ac.in/ myweb_test/study%20T YBCom%20Accountancy %20Auditing-Il.pdf Describe the Professional Code of Ethics and Threats Related to the Professional Code of Ethics 8 Contents Resources Learning Outcomes Marks 1) You are the external auditor of National Detergent Company SAOG (NDC) is one of the leading manufacturing companies in the Sultanate of Oman. NDC manufactures and distributes a wide range of highly reputed and successful brands covering various segments like detergents powders, liquid detergents, soaps, shampoos, allied laundry aids and other household cleaners. As an Auditor of the company, answer the following questions. a) Do you think that the audit risk assessment is important? Justify your answer. (2 Marks) b) How can you ensure the reliability of its financial statements. (2 Marks) c) How do you arrive an opinion on its financial statements? Discuss. (2 Marks) After the completion of this assignment the students will be able to Describe the risk assessment procedure in conducting External Audit LIBRARY: Ray Whittington, Principles of Auditing & Other Assurance Services, Mc Graw Hill 2) You have been the finance director of a Diwan Silks LLC Sohar, for ten years. Its yearend is 31st December 2021, and you are finalizing the year end accounts. You have recently been advised by the warehouse manager of a significant level of slow-moving stock. The stock in question is now more than nine months old and would normally have been written down some months previously. The shareholders of Diwan Silks LLC are trying to sell the company, and the managing director (the majority shareholder) has told you that it is not necessary to write down the stock in the year end accounts. You are sure that the managing director wants the financial statements to carry an inflated stock valuation because he has found a prospective buyer. The managing director has indicated to you that if the proposed deal is successful, all employees will keep their jobs and you Open Educational Resource: https://archive.mu.ac.in/ myweb_test/study%20T YBCom%20Accountancy %20Auditing-Il.pdf Describe the Professional Code of Ethics and Threats Related to the Professional Code of Ethics 8