Discuss the type of audit necessary for Ahmad business

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Reference no: EM132704621

Question - Ahmad sells frozen curry puffs made by his wife. Each week he shops at a local market and grocery store for ingredients and raw material for his products. His wife prepares the product from scratch and stores the raw product frozen, ready for distribution or sale. Ahmad's daughter keeps a record of the expenditure, as well as the accounts for purchases and sales. At the end of each financial year, Ahmad pays taxes on his income.

a) Discuss the type of audit necessary for Ahmad's business. Why?

b) Ahmad wants to expand his business and intends to apply for a bank loan. Give him some advice on the financial matters pertaining to this expansion plan.

Reference no: EM132704621

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