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Question No:1 ABC company is a subsidiary of an MNC which has its business operations across Oman. The company has 15 branches in various part of the country. The internal audit department of the company consist of 15 audit executives with a chief internal auditor. The chief internal auditor and his staff are appointed by Chief Executive officer with reporting responsibility to finance director. The scope of the work and other matters relating to internal audit department is decided by the finance director. Required; Do you find any internal control issues in the company? Do you think that the internal audit department staff can perform their functions independently? Discuss? ( Note: Explain with not less than 150 words) Font Color Question No: 2 Al Salam trading company is a newly started company with 50 employees. The company has its head office in Muscat and 5 branches in other parts of the country. Each branch has an accountant who take care of the following functions in addition to the normal accounting functions. a. Receiving and issuing goods b. Maintenance of stock register c. Maintenance of cash book d. Preparation of purchase order e. Preparation of sales bills As an auditor of the company, comment on the internal control system of the company. (Note: Explain with not less than 150 words)| Question No:1 ABC company is a subsidiary of an MNC which has its business operations across Oman. The company has 15 branches in various part of the country. The internal audit department of the company consist of 15 audit executives with a chief internal auditor. The chief internal auditor and his staff are appointed by Chief Executive officer with reporting responsibility to finance director. The scope of the work and other matters relating to internal audit department is decided by the finance director. Required; Do you find any internal control issues in the company? Do you think that the internal audit department staff can perform their functions independently? Discuss? ( Note: Explain with not less than 150 words) Font Color Question No: 2 Al Salam trading company is a newly started company with 50 employees. The company has its head office in Muscat and 5 branches in other parts of the country. Each branch has an accountant who take care of the following functions in addition to the normal accounting functions. a. Receiving and issuing goods b. Maintenance of stock register c. Maintenance of cash book d. Preparation of purchase order e. Preparation of sales bills As an auditor of the company, comment on the internal control system of the company. (Note: Explain with not less than 150 words)|

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