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Question No 5: (10 Marks) PANEXAVIENOSEMESTER PALVEXAVIONS ENTERTACADEMIYEAR Khalid recently received his accounting degree from Sultan Qaboos University and went to work for accountancy firm. After working for 6 months with accountancy firm, he was sent to the Sky manufacturing company to audit the financial year 2019. Khalid had his first ever experience of Audit, and he was not confident of his professional experience at this early point in his career. However, during the audit, he noticed that some of the company's transactions and events were recorded in a way that might be in violation of accounting theory and generally accepted accounting principles. Khalid is very much confused about the practices they followed. Sky manufacturing may face serious consequences, if they continue with the same practices. During the audit, Khalid observed that some of the company's important information is not shared with him., which is a clear violation. The owner of Sky manufacturing is putting a lot of pressure on Khalid to make a good report for the audit. Khalid is an honest auditor and concerned about his work and career. Being aware of the complexity and nature of work, he has to be resilient, diligent, inquisitive, insightful, and impartial. Discuss and state examples, how would Khalid imply these characteristics to do his work professinally in the above scenario? (5 Marks) b. The auditor should challenge the financial accounting practices used or should challenge the intentions of the management. Write your decisions and the reasoning behind your conclusions, (5 Marks) ANALLAMMATIONES ACADEMCE Your answer should be around 400 words for each question. DCC LOVNIMISNO