please Answer Q 3 and Q 4 with all Answers

Question 3: a- The audit report is a highly formalized document whose contents are regulated by auditing standards. Required: 1- Discuss briefly the purposes of an external audit and an audit opinion. 2- Describe what kind of information an audit report should give regarding the company and the financial statements that are the subject of the audit. 3- Explain what constitutes a true and fair view. [Marks: 12] b- Omar and Eman run a business in partnership to which each has contributed $90,000 in capital. During their accounting year 2013, they made a profit of $48,000. Drawings amounted to $8,000 for Omar and $5,000 for Eman. Their partnership agreement stipulates the following: 1- A profit sharing ratio of 3 : 2 2- 6% interest on capital 3- 5% interest charged on drawings 4- Omar receives a salary of $12,000 per annum Required: Prepare an appropriation statement for the Partnership. [Marks: 18) Question 4: a- There are many reasons why managers may want to manipulate the information in financial statements. Briefly discuss three reasons and give examples. [Marks: 10) b- The following set of ratios has been made available to you for a company for the last four years. 2010 2011 2012 2013 Return on capital employed (ROCE 15% 18% 19% 14% Gross Profit as % of sales 21% 21% 21% 20% Current ratio 2 to 1 1.7 to 1 1.5 to 1 1.5 to 1 Quick ratio 1.3 to 1 1.3 to 1 1.2 to 1 0.9 to 1 Required: a- Explain how each of these ratios is calculated. b- Explain the implications of these ratios for the changes in company performance over the 4 year period. [Marks: (14 + 6) = 20) +