1. Determine and design 3 types of Internal Control method that Mr. Abbas would use to resolve each issue cited in the case.

2. Propose suggestions on how the company owner can effectively recover their initial investment and recover the losses. 

NEZO is a small business which is related to food distribution services with 25 employees and in the past 3 years of operation, the company is still struggling from recovering their investments. The owner, hired Mr. Abbas is an accounting graduate who has wide experience in auditing since he worked as Internal Auditor in a big companies in Oman for the past 8 years before he built his own company. He is very careful in managing the company accounts. Based on his audit the company is not managing its current liabilities as well as their long term liabilities, and they failed to ensure accuracy of entries in financial statements: non recording of actual expenses in income statement.  

Answer rating: 100% (QA)

A Three types of internal control that can established are i Internal control over current liabiliti... View the full answer