In the Name of Allah, the Most Beneficient and the Most Merciful

|Ans.1 |(a) |Quality Control Issues: | |
| | |While assigning the audit work to Mr. Manzoor Nazar, the firm ignored the threat which existed due to his earlier | |
| | |intention to join WL as an employee. | |
| | |Mr. Manzoor also failed to update the firm about this matter, due to which firm could not ascertain the self-interest | |
| | |threat to independence and objectivity of the engagement partner. | |
| | |Engagement partner did not ensure the engagement reviewer had been appointed. As a result, significant matters arising | |
| | |during the audit could not be discussed or resolved. | |
| | |No consultation was undertaken on impairment loss issue, which was contentious and material. | |
| | |It appears that engagement partner resolved the difference of opinion between the team member and the job in charge by | |
| | |imposing his decision without satisfying the team member. No avenue was available to the team member to assert his | |
| | |opinion. | |
| | | | |
| | |The following Risk Factors do not seem to have been considered: |