Exam (elaborations)
AUE2602 Assignment 2B Semester 1 2024 (881128) - DUE 4 April 2024
- Course
- AUE2602 (AUE2602)
- Institution
- University Of South Africa
QUESTIONS AND ANSWERS
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[Date]AUE2602 Assignment 2B
Semester 1 2024 (881128) -
DUE 4 April 2024
Questions and Answers
[COMPANY NAME]
, AUE2602 Assignment 2B Semester 1 2024 (881128) - DUE
4 April 2024
PART A
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) Two
presentation marks will be awarded if the answer is presented in the following
required 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
Corporate Governance Concerns Regarding MNO Ltd's Audit Committee (King IV
Report):
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