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PART A Question 1 You are a trainee accountant assigned to the audit of Da...
, Corporate Governance in Accountancy
AUE2602
Assignment 2A
Semester 1 2024
Unique Number: 881128
Due Date: 4 April 2024
QUESTION 1
PART A
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
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