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Mr. Mohammed Faizaan is an auditor of Xavier Company. During audit, he found that Mr....

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Accounting

Mr. Mohammed Faizaan is an auditor of Xavier Company. During audit, he found that Mr. Mohammed Shiraz who was one of the executive directors of the company raised OMR 15,000 from the debenture holder which was beyond his authority. On confirming, he replied by e-mail that it was later approved by board.

Q1. Can the e-mail received from the executive director be considered as valid audit evidence? (1.5 Marks)

Q2. What is the responsibility of Mr. Mohammed Faizaan if Mr. Mohammed Shiraz obtain loan without the approval of the Board? ( 1.5 Marks)


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