You are a qualified accountant working in a well reputed organization. Your company is a famous trader, who imports raw materials from Germany and deliver them to different manufacturing industries in Oman. Your immediate supervisor asked you to complete a costing exercise of all the imported goods received in the month of April. You are also expecting an audit in the first week of May. You have to complete this task and present your report to the supervisor in a short period of time. Whether you are responsible for projects, plans and policies, you must set the stage for delivery acceptance by establishing and maintaining realistic expectations of what will be delivered and how it will get done.

You think that the CEO of the company is planning to use this information to redesign the company, may extend the size of the business or may layoff some of the employees. Your supervisor needs to have the complete and up to date financial information to take any further decisions. You have a good reputation in the organization and your supervisor believes that you have enough competency and can complete this exercise. Due to limited time period, you are concerned that your work cannot be strong enough to be used for such a big business decision.

You are under pressure to submit the cost report before the audit arrives. As a professional accountant, you want to ensure that financial information which you provide should be correct and useful. The report should not provide any mislead information, which might eventually affect the reputation of the company to its stakeholders.

1. In your opinion, how could you maintain objectivity in this situation, keeping in view the close relationship with your staff members? Give reasons for your answer. (5 Marks)
2. What measures will you take in order to write a fair and realistic report, with limited time and resources available, without compromising the standard of your work? Keeping in mind, your ethical judgments should not be challenged by auditors in future. (5 Marks)

Your answer should be around 400 words for each question.