Exam (elaborations)
AUE1601 ASSIGNMENT 1 SEMESTER 1 2024
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This document contains AUE1601 Assignment 1 semester 1 2024 Questions and trusted answers.
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AUE1601-24-S1 Welcome to module AUE1601 Assessment 1QUIZ
Started on Monday, 26 February 2024, 10:17 PM
State Finished
Completed on Monday, 26 February 2024, 10:34 PM
Time taken 17 mins
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 2.00 out of 2.00
Empire (Pty) Ltd has seven (7) shareholders and four (4) directors. For the year ended 31 August 2020, Empire (Pty) Ltd had a
public interest score (PIS) of 179 and its annual financial statements (AFS) had been externally (independently) compiled. The
company’s memorandum of incorporation (MOI) contains no altered provisions.
Consider the information above and determine whether Empire (Pty) Ltd will be required to have its AFS audited or
independently reviewed in terms of the Companies Act.
Choose the correct option below:
Select one:
a. Empire (Pty) Ltd must have its AFS audited by an internal auditor.
b. Empire (Pty) Ltd must have its AFS audited by an external registered auditor.
c. Empire (Pty) Ltd must have its AFS independently reviewed, unless a voluntary audit of the AFS is performed by a
registered auditor.
d. Empire (Pty) Ltd is exempt from the compulsory requirement to have its AFS audited or independently reviewed.
The correct answer is: Empire (Pty) Ltd must have its AFS independently reviewed, unless a voluntary audit of the AFS is
performed by a registered auditor.
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