Question 1: Discuss briefly VAT. What will be major challenges for businesses while they implement VAT first time? Question 2: What do you mean by Independent Non-executive directors? If any director faced conflict of interest, what are the possible way to deal with it? Question 3: What do you mean by Whistleblowing policy? What is the role of audit committee in such policy? Question 4: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Explain the relationship between Internal Auditor with External Auditors, Board of Directors, and CEO. Question 5: What is the role of board of directors towards internal control systems? Give two examples. Question 6: Discuss the changes in audit methodology of external auditors if their clients are using Integrated Reporting. Will it affect the scope of audit? What will be the impact on audit fees?