An importer from Australia agrees to make a contract with software company in New Zealand. He agrees for payment of NZD 200000 on August 1. The importer wishes to hedge against an unexpected appreciation in the NSD relative to AUD. The exchange rate in spot market is NZD1.83155/AUD. Since NZD will be paid in August, the importer uses future contract at NZD 1.82355/ AUD. In International Monetary Market, the standardized terms are given as below Contract Size: NZD 50000, Delivery Date: September You required to determine Gain or loss to the Omani Importer. i. On maturity date the spot rate between NZD and AUD is NZD 1.81335/AUD. ii. On maturity date the spot rate between NZD and AUD is NZD 1.83435/AUD. A French trader imports goods from London. The following market rates prevail: EURO/USD= 1.18/ 1.19; GBP/USD=0.69/0.70. Find the EURO/ GBP exchange rate. The current exchange rate is YEN 122/ USD. If inflation in Japan is 2 percent and that in USA 3 percent, calculate the expected exchange rate after one year. Prompt traders, sultanate of Oman are the largest wholesale distributors of milk products to the hypermarkets in Oman. Most of the company's sales are on credit basis. The company has given average one- month credit period to the customers. Prompt traders are having very good policy to recover the trade debtors, almost 85% of the trade debtors have been recovered in every year. The following are the details of the trade debtors and credit sales for the past five year Year 2018 2017 2016 2015 2014 Trade debtors OMR 15,000 OMR 13,000 OMR 16,000 OMR 18,000 OMR 10,000 Credit sales OMR 50,000 OMR 65,000 OMR 45,000 OMR 60,000 OMR 40,000 Required: 1. While performing the final audit of Prompt traders, Sultanate of Oman, As an Auditor of the company what are the methods of audit procedure should follow to obtain the audit evidence of the trade debtors. 2. As per the ISA 500, Discuss the different types of sources to check the reliability of audit evidence for the trade debtors 3. Is audit sampling appropriate in the above mentioned items? Give reason for your