Consider the following facts about Pace Consulting as at 01 March 2022; - Financial year starts on 01 March of every year. - Employed 100 workers at their factory including management and have no other employees on their books at end of March 2021. - 10 employees resigned on the 01 February 2022. - 15 contractors were appointed starting on the 01 March 2022 & ends on the 15 May 2022 to replace the employees who resigned. - The annual revenue of the company was R20.5 million. - It accepted 5.5 million on behalf of one their most important client on a fiduciary duty capacity in April 2021. - Took out a business loan of R25 million as a long-term loan in February 2022 for a plant expansion project - The company planned to onboard another 10 employees starting on the 01 April 2022 - The company had 70 shareholders but 30 shareholders of them sold their shares on the 25th of Feb 2022. !5 shares were purchased by existing shareholders and the remainder were purchased by new shareholders. All of these took place on the same day. - The Annual Financial Statement was compiled by an outsourced party as it has been for the last 10 years. 5.1 Calculate the Pace Consulting’s Public Interest Score as at the financial year ending 2022 based on the facts presented above using the Companies Act No. 71 of 2008 (New Companies Act) commenced on 1 May 2011. You must show the how the score has been calculated. 5.2 Does Pace Consulting have to undertake an audit of its Annual Financial Statement as per the Companies Act No. 71 of 2008 (New Companies Act) commenced on 1 May 2011. Justify your response.
NEED BOTH QUESTIONS. ..
Consider the following facts about Pace Consulting as at 01 March 2022; - Financial year starts on 01 March of every year. - Employed 100 workers at their factory including management and have no other employees on their books at end of March 2021. - 10 employees resigned on the 01 February 2022. - 15 contractors were appointed starting on the 01 March 2022 & ends on the 15 May 2022 to replace the employees who resigned. - The annual revenue of the company was R20.5 million. - It accepted 5.5 million on behalf of one their most important client on a fiduciary duty capacity in April 2021. - Took out a business loan of R25 million as a long-term loan in February 2022 for a plant expansion project - The company planned to onboard another 10 employees starting on the 01 April 2022 - The company had 70 shareholders but 30 shareholders of them sold their shares on the 25th of Feb 2022. !5 shares were purchased by existing shareholders and the remainder were purchased by new shareholders. All of these took place on the same day. - The Annual Financial Statement was compiled by an outsourced party as it has been for the last 10 years.
5.1 Calculate the Pace Consulting’s Public Interest Score as at the financial year ending 2022 based on the facts presented above using the Companies Act No. 71 of 2008 (New Companies Act) commenced on 1 May 2011. You must show the how the score has been calculated.
5.2 Does Pace Consulting have to undertake an audit of its Annual Financial Statement as per the Companies Act No. 71 of 2008 (New Companies Act) commenced on 1 May 2011. Justify your response.
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