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The Companies Act 2008 and its accompanying Companies Regulations, 2011 require that every company and...

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Accounting

The Companies Act 2008 and its accompanying Companies Regulations, 2011 require that every company and close corporation calculate what is termed its 'public interest score'
YOU ARE REQUIRED TO:
a. Explain the term public interest score, and how it is calculated. (8)
b. State whether the following statement is true or false: All public and state-owned companies must calculate their public interest score to determine whether they must have their annual financial statements audited. Justify your choice. (1.5)
c. Explain fully, the link between the public interest score of a private company and the type of assurance engagement (if any) to which the company must subject its annual financial statements. (8)
d. State whether the following statement is true or false: All companies that hold assets in a fiduciary capacity must have their annual financial statements audited, regardless of their public interest score. Justify your choice. (1.5)
e. Briefly explain how a company that is not required to have its annual financial statements audited in terms of the Companies Act or its public interest score, may voluntarily elect an audit.

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