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How do you calculate the public interest score?
How do you calculate the public interest score?
CALCULATION OF PUBLIC INTEREST SCORE 
•	1 point for every one of the average number of employees employed during the year 
•	1 point for every R1 million (or portion thereof) in third party liability of the company at the financial year-end
•	1 point for every R1 million (or portion thereof) in turnover during the financial year 
•	1 point for every individual who at the end of the financial year, is known by the company to directly or indirectly have a beneficial interest in the company’s issued securities 

Explain the duties of the audit committee in terms of the companies act
Explain the duties of the audit committee in terms of the companies act
THE DUTIES OF THE AUDIT COMMITTEE IN TERMS OF THE COMPANIES ACT ARE TO
 
	nominate a registered auditor for appointment as auditor by the shareholders (must be satisfied nominated person/firm is independent) 
	Determine the auditors’ fees and terms of engagement. 
	Ensure the appointment of the auditor complies with the Companies Act and the Auditing Profession Act. 
	determine the nature and extent of any non-audit services the auditor may provide to the entity; and
	 Pre-approve any agreement with the auditor for the provision of these services. 	 
 
Prepare a report to be included in the AFS which 
•	describes how the audit committee carried out its function. 
•	states whether the auditor was independent of the company.
•	Comments in any way the committee considers appropriate of the financial statements, the accounting practices and internal controls of the company. 
	 	 	 	
Receive and deal with appropriately, any concerns or complaints relating to 
•	The accounting practices and internal audit of the company; 
•	The content or audit of the AFS; 
•	Internal financial controls; or 
•	Any related matters. 
 
	Make submissions to the board on any matters dealt with in (2.6) above. 	 
	Perform other functions determined by the board.

Discuss the requirements of the Companies Act (theory), for the appointment of the external auditors in terms of the rotation of auditors
Discuss the requirements of the Companies Act (theory), for the appointment of the external auditors...
-	In terms of section 92, the same individual may not serve as the auditor or designated auditor of a company for more than five consecutive financial years. 
-	 If an individual has served as the auditor or designated auditor of a company for two or more consecutive financial years and then ceases to be the auditor or designated auditor, 	 
-	The individual may not be appointed again as the auditor or designated auditor of that company until after the expiry of at least two further financial years. 
-	DTT Incorporated has been Pick-n-Play Ltd.’s external auditors for the 6 preceding years. 
-	They would have been in contravention with this requirement of the Companies Act