The Company’s Act 71 of 2008 has crucial regulations that relate to the auditing of financial statements of the companies. These regulations are regulation: 26, 27, 28, 29 and 43. These regulations work in conjunction with each other and are pertinent to the public interest score concept, audit and review requirements, reportable irregularities for independent reviews, the financial reporting standards with which different entities must comply as well as the social and ethics committee. The following relevant details pertain to Harakuta (Pty) Ltd: Employees at 31 January 2023 210 Employees at 31 December 2023 250 Long-term loan: FNB bank N$30.3 million Turnover for the year to 31 December 2023 N$60 million Number of shareholders as at 31 December 2023 33 Required:a. Calculate the public interest score of Harakuta (Pty) Ltd for 2023 financial year b. With a reason of your above calculation indicate if Harakuta (Pty) Ltd requires to be audited or not.
The Company’s Act 71 of 2008 has crucial regulations that relate to the auditing of financial statements of the companies. These regulations are regulation: 26, 27, 28, 29 and 43. These regulations work in conjunction with each other and are pertinent to the public interest score concept, audit and review requirements, reportable irregularities for independent reviews, the financial reporting standards with which different entities must comply as well as the social and ethics committee. The following relevant details pertain to Harakuta (Pty) Ltd: Employees at 31 January 2023 210 Employees at 31 December 2023 250 Long-term loan: FNB bank N$30.3 million Turnover for the year to 31 December 2023 N$60 million Number of shareholders as at 31 December 2023 33 Required:a. Calculate the public interest score of Harakuta (Pty) Ltd for 2023 financial year b. With a reason of your above calculation indicate if Harakuta (Pty) Ltd requires to be audited or not.
Chapter1: Comprehensive Cases
Section1.11: New Century Financial Corporation
Problem 3Q
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The Company’s Act 71 of 2008 has crucial regulations that relate to the auditing of financial
statements of the companies. These regulations are regulation: 26, 27, 28, 29 and 43. These
regulations work in conjunction with each other and are pertinent to the public interest score
concept, audit and review requirements, reportable irregularities for independent reviews, the
financial reporting standards with which different entities must comply as well as the social and
ethics committee. The following relevant details pertain to Harakuta (Pty) Ltd:
| Employees at 31 January 2023 | 210 |
| Employees at 31 December 2023 | 250 |
| Long-term loan: FNB bank | N$30.3 million |
| Turnover for the year to 31 December 2023 | N$60 million |
| Number of shareholders as at 31 December 2023 | 33 |
Required:
a. Calculate the public interest score of Harakuta (Pty) Ltd for 2023 financial year
b. With a reason of your above calculation indicate if Harakuta (Pty) Ltd requires to be audited or
not.
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