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AUE2602 Assignment 2A Semester 1 2024 (881128) - DUE 4 April 2024
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QUESTIONS AND ANSWERS AUE2602 Assignment 2A Semester 1 2024 (881128) - DUE 4 April 2024
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AUE2602Assignment 2A
Semester 1 2024
(881128) - DUE 4
April 2024
Questions With Well Outlined Answers
Musyokah11@gmail.com
[Course title]
, AUE2602 Assignment 2A Semester 1 2024 (881128) - DUE
4 April 2024
PART A
Question 1
You are a trainee accountant assigned to the audit of DataTech, a data service
provider company listed on the JSE. You have been assigned to review whether
DataTech complies with the King IV Report on Corporate Governance for South
Africa 2016, specifically with regard to the composition and function of the audit
committee. The following information has been provided to you by the engagement
partner: DataTech held one audit committee meeting during the financial year ending
on 28 February 2022. The audit committee consisted of three members: Mr Appleton,
Miss Marks and Mrs Colt. Mr Appleton was the marketing director and the
chairperson of the board. Miss Marks was the financial director and a retired CA(SA).
Mrs Colt was an independent non-executive director with limited knowledge of IFRS,
integrated reporting and internal controls. The position of chief executive auditor was
vacant, and Miss Marks indicated that she would inform the audit committee that the
board was in the process of appointing a chief audit executive. Miss Marks
highlighted that the integrated reports for the previous two years were in process and
that she would provide copies to the audit committee once they had been finalised and
published.
REQUIRED
Identify six (6) corporate governance concerns in terms of the King IV Report on
Corporate Governance for South Africa 2016 regarding the audit committee as
evident from the information above and provide reasons for your answer. (15) Two
presentation marks will be awarded if the answer is presented in the following format
and for communication, logical reasoning and structure. (2) Concern 1 mark each
Reason 1.5 marks each Max 6 Max 9 3
Part A - Question 1
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