LKJ Company has appointed Khalid to transact in behalf of the company for a loan in Muscat Bank however the bank requested for an audit report on its financial statements for the most recent accounting period, the company requested its external auditor to prepare the financial statements and provide the bank with what they need. The Bank is aware of this information. Which of the following statements is TRUE based on the given information?

a.

Muscat Bank as an intended user has the right to refuse and demand both an external and internal audit of the financial statements

b.

Muscat Bank as an intended user should accept the report provided by the Company

c.

Responsible Party is LKJ Company, and the Intended user is Muscat Bank, should not accept it

d.

None of these statements is true

Answer rating: 100% (QA)

Option d None of these statements is true is the correct answer The company h... View the full answer