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Question 4 (Cl&C2)(7 Marks) Karim is the president of Samirad Company....

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Question 4 (Cl&C2)(7 Marks) Karim is the president of Samirad Company. Ata meeting of the board of directors, Karimwas asked to explain why audits of the company are made by (1) internal auditors(2) independent auditors, and (3) government auditors. One board member suggestedthatthe company's total audit expense mightbe less if all auditing was done by internalauditors. Karim was unable todistinguishbetween the three types of auditors or to satisfactorily respond to the board member's suggestion. Instructions: 1-Explain the different kinds of audits made by each type ofauditor. 2-Identify the sources of practice standards applicable to each type ofauditor. 3-Comment on the board member's suggestion to have all auditing done by internal auditors

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