Styles 9. The standard rate of VAT in Oman IN 2021 will be A 20% 17.5% B C 15% 5% D 10. When a business wishes to sell new shares to potential investors it makes ain B Public Issue Offer for sale Private Placing Rights Issue D 11. Select any ONE of the following that is NOT a component of internal control. Risk assessment B U O Control activities Information and communication Marketing 12. Which factors determine the terms of trade credit offered to customers? B Relative bargaining strength of customer and supplier The type of product being bought and sold Tradition of the industry C D All answers 13. Which of the following is the independent auditor's principal purpose for obtaining an understanding of internal control and assessing control risk in a financial statement audit? To comply with generally accepted accounting principles To obtain a measure of assurance of management's integrity I C C. To maintain a state of independence in mental attitude during audit To determine the nature, timing and extent of subsequent audit work B D