An External Audit is a periodic audit conducted by an independent qualified auditor with the aim to determine whether the accounting records for a business are complete and accurate. It is also done to ensure that the statements accurately represent the organization's financial position and are prepared in accordance to the set laws. An external audit focuses on a company's performance and compliance. All the records related to the audit examined in an external audit to make sure no errors exist in the financial statement. Which is important for investors and regulatory requirements? External auditors have no affiliation with a company being audited, which offers the business an unbiased audit. An external audit process ensures that a company's internal controls, processes, guidelines and policies are adequate, effective and in compliance with governmental requirements, industry standards and company policies. This type of audit also ensures that reporting mechanisms prevent errors in financial statements. Audit report users include investors, company management, regulators and business partners-such as lenders, suppliers and creditors. An external auditor in Oman passes through some key formalized phases when they are auditing financial statements for clients. 31 ut of Risk assessment of clients business and opertions are performed at the a. Reporting b. Fieldwork c. Follow up d. Planning 32 ut of Duration of the audit depends upon: a. Fraud and Error of the company b. All the given options c. Scope of the audit d. Sale of the company 33 u of Defining the audit objectives and determining the audit methodology is an activity in the : a. Planning b. Follow up c. Reporting d. Fieldwork 34 ut of Exit meeting will be attended by: a. Audit Manager & Seniors and the Board of Directors of the client. b. Audit Manager & Seniors and the Junior executives of the client. C. Audit Manager & Seniors and the Top management of the client. d. Audit Manager & Seniors and the Functional managers of the client. 35 ut of In which of the phase, relevant background information is gathered to gain an understanding of the audited areas? a. Field work b. Planning c. All the given options d. Reporting 36 ut of The fieldwork stage of the audit is referred to as : a. Feedback phase b. Analysis phase c. Control phase d. Evaluation phase 37 utor Throughout the audit Audit clients will be : a. Informed of the audit process through adhoc meetings and/or communications b. Notinformed of the audit process through regular status meetings and/or communications, c. Informed of the audit process through casual discussions, d. Informed of the audit process through regular status meetings and/or communications, 38 ut of It client and auditor wants to clear any issue related to audit, then which meeting is applicable? a. Planning Meeting b. None of the given options c. Exit Meeting d. Entrance Meeting 39 ut of An audit process is : 2. A set of meetings held to test and prove that processes are being conducted effectively and follow due control mechanisms. b. A set of actions and procedures to test and prove that processes are being conducted effectively and follow due control mechanisms. C. A set of actions and procedures not to test and prove that processes are being conducted effectively and follow due control mechanisms. d. A set of discussions held to prove that processes are being conducted effectively and follow due control mechanisms 40 ut of Which one of the following is not a main responsibilities of the external auditor: a. Preparing a Final Audit Report including making recommendations for improvements to systems or processes. b. Participation for the opertional management meetings of the clients and recommending strategic business initiatives. c. Discussing the conclusion and recommendations from the audit with clients. d. Analyzing and Assessing Financial Reporting, Fraud or Operational Business Risks