AUE2602 Assignment 2B (COMPLETE ANSWERS) Semester 1 2024 (881128) - DUE 4 April 2024 ... 100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .
PART A Question 1 You are the senior trainee accountant on the audit o...
Question 1
You are the senior trainee accountant on the audit of MNO Ltd, an information technology
company listed on the JSE. You have been assigned to review whether MNO 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 audit partner: MNO held one audit committee meeting during the financial year ended
28 February 2022. The audit committee consisted of three members: Miss Sizwe, Mr Carl and
Mrs Garnet. Miss Sizwe was the human resources director and the chairperson of the board. Mr
Carl was the financial director and a retired CA(SA).
Mrs Garnett 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
Mr Carl indicated that he would inform the audit committee that the board was in the process of
appointing a chief audit executive. Mr Carl highlighted that the integrated reports for the previous
two years were in process and that he 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 give reasons for your answer. (15)
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