Case 4: NEZO is a small business which is related to food distribution services with 25 employees and in the past 3 years of operation, the company is still struggling from recovering their investments. The owner, hired Mr. Abbas is an accounting graduate who has wide experience in auditing since he worked as Internal Auditor in a big companies in Oman for the past 8 years before he built his own company. He is very careful in managing the company accounts. Based on his audit the company is not managing its current liabilities as well as their long term liabilities; and they failed to ensure accuracy of entries in financial statements: non recording of actual expenses in income statement. Based on the above scenario: 1. Determine and design 3 types of Internal Control method that Mr. Abbas would use to resolve each issue cited in the case. (3 marks) 2. Propose suggestions on how the company owner can effectively recover their initial investment and recover the losses. (2 marks)

Case 5: The auditing firm H&N auditing Firm and Consultancies, headed by Mr. Hameed, together with 2 assisting auditors: Mr. Zakariya and Ms. Zainab, was hired by Al Bader Transport Company, to assess the financial management performance of the company for the past year. The audit team has revealed the following findings: (1) the fixed assets were booked along with a deferred interest as of Dec. 2019, (2) management policies regarding safety measures like the regular check of their vehicles for hire are not strictly followed that compromised the safety of some of their clients and drivers; (3) the wages and salary scheme approved by the Ministry is not followed accordingly. The audit recognized ISO number is : 00042- 9988673, with company audit number: 05- 02. Based on this scenario: 1. Prepare the complete audit report with corresponding recommendations on the above findings cited in the case. (5 MARKS)

Case 6. Mr. Anis is Marketing Manager in Oman Chips LLC. His brother Mr. Asad is senior accountant in his company. Mr. Asad paid amount for advertisement but paid amount was exactly double of the budgeted amount. He forgot to deposit cheque in bank which was given by Mr. Abdul who is customer of Oman Chips LLC. Commission received and Rent paid amount written by mistake as discount received and discount paid respectively. Find out the error in this scenario also suggest the corrective actions to be taken by Mr. Anis to improve the financial record of Oman Chips LLC. (5 Marks)