Question

Investor of Ibra Oil SOAG lost their invested money when they did investment based on audit report given by “N & N Audit Firm” Muscat.   Mr. Nawaz and Mr. Nasser are partner, they did the audit for Ibra Oil SOAG. During audit firm Mr. Nawaz had to go to meet other client so Mr. Nasser continue the audit work of Ibra Oil SOAG. The audited balance sheet and actual asset and liabilities were not matching. Information about profit was also not matching with Income Statement.    

To avoid this investment money loss, suggest any five qualities required by Mr. “Nawaz and Mr. Nasser” as the partner of “N & N Audit Firm”, Muscat Oman.

Answer 1

1. Fiscal Responsibility:-

Regardless of whether you’re opening a bakery or launching an online retailer like Etsy, it helps to know a thing or two about finance. Depending on your business needs, you might not need to find a partner who’s an accounting whiz (especially if you’re planning on hiring one later on). But at the very least, it’s best to choose a sidekick who knows how to manage money and hasn’t landed in any serious financial trouble in the past.

2. Creativity:-

The most successful businessmen and women are innovators. A good business partner is going to be someone who can consistently come up with original and fresh ideas. In order to differentiate your company from the others in your industry, you’ll need to find someone who can help you create a brand with a distinct image.

3. Open-Mindedness:-

Another quality that can be great to look for in a business partner is the ability to keep an open mind. Collaborating with someone who isn’t receptive to different ideas or perspectives could be difficult. In the worst case scenario, it could prevent your business from reaching its full potential.

4. Comfor with Risk: -

For looking of a business partner,  need to find someone with a high tolerance for risk. You’ll probably come across situations where you’ll have to go out on a limb or make an investment without knowing how things will turn out. If your partner prefers to play it safe, you could miss out on certain opportunities or falter in the face of a challenge.

5. The Takeaway:-

A business partner can make or break a startup. If you’ve decided that you need a partner in order to turn your new business into a successful company, it’s a good idea to find someone who compliments the skills you already have and knows how to bounce back from adversity.