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. 1. What information would you like to obtain while making a decision on whether to accept the client engagement request.
2. 2. Prepare a list of business risks that Oman Flour Mills likely will face?
3. 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)

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