FINALMEXAMINATIONSEMESTERZACADEMICYEAR2019-2020 Question No 2: (10 Marks) Nasir is working in Mazars Audit company since many years. Based on his professional attitude and commitment, he has been promoted twice in the last two years. Nasir has a good experience of auditing corporate industries. According to the company's schedule before Ramadhan, Mazars audit decided to visit Cement industry for their annual audit in Sur in the first week of April 2020. Cement industry is a very high profile industry and one of the largest in A'Sharqiyah Region. The management of Mazar audit had a meeting to decide the audit team to be sent to Sur. The audit team consists of 10 members and all the members will be reporting Nasir during the audit. Next day, Nasir called the meeting with his team members and decided the plan for the audit. All the members have been given different tasks and responsibilities. As per schedule, Nasir and team have started the audit Initially the audit was according to the plan, all the members were busy performing their job. Certain things got exposed during the audit, which needs to be examined thoroughly. This was brought to Nasir's notice and he contacted his head office in Muscat. It was decided to extend the audit for another three days. a. In your opinion, what suggestions would Nasir give to his team members in this limited time period? State different challenges faced by Nasir and his team in order to complete the audit successfully (5 Marks) 1 ACADEMICWEAR2019-2020FINALMEXAMINATIONSEMESTERZACADEMICYEAR 2019-2020FINALMEXAMINATI b. What would be the impact of audit on the Cement industry and its stakeholders? How can they improve their financial position with effective audit? (5 Marks) Your answer should be around 400 words for each