Hi, what is the best way of fixing 4 dropped frames? The video has the horizontal band look and the audio is missing 4 frames. What can be done if the footage from that exact moment is necessary?

The damaged video can possibly fixed by repairing them in Photoshop.
The audio depends on what it is.
If it's music, you could re-capture it.
If it's spoken material, the only way would be to get the original speaker to re-do the word(s).
Either way, it'll be a tough repair job :-(

Thank you, I'll get to work on it and see how it fairs.

Try recapturing it first. Maybe it was accidental.