Most companies publish their audited financial statements online. These statements and their detailed analysis are available on their webpage, under the link “Investor Relations” or under “Annual Report”. Download Oman Flour Mills audited annual financial statements for the year 2020 or 2021 from the company website. Alternately, you can download the financial statements from the Muscat Securities Market website (www.msx.om).

Search the webpage of any of the manufacturing companies in the United States and download their audited financial statements. Alternately, you can download the report from SEC websites (www.sec.gov). Find the link for EdgarScan. Find, download, and print the audit report for a US Company. In case you would like to select a non-banking company, inform the teacher about your choice.

Based on a review of the annual report, answer the following.

Requirements:

• Compare the standard US audit report with the non-US audit report. Briefly explain the similarities and differences in the report.

Part II

Assume that your firm is considering accepting Oman Flour Mills as a new audit client. Oman Flour Mills is a public joint stock company in the Sultante of Oman. The principal activity of the company is milling wheat and other cereals and sale of flours and processing and sale of the animal feed.

Your audit partner has asked you to perform some preliminary work for the firm’s client acceptance process.

Requirements:

1. What information would you like to obtain while making a decision on whether to accept the client engagement request.
2. Prepare a list of business risks that Oman Flour Mills likely will face?
3. Choose two of these risks and consider how they might affect your decision to accept Oman Flour Mills as a client.

Answer rating: 100% (QA)

Compare the standard US audit report with the nonUS audit report Documentation of audit proceduresis one of the differences between GAAS and ISA US standards are more prescriptive compared to that of ... View the full answer