[20] QUESTION ONE The following is a summary of the composition of and certain functions of the Audit Committee of Mineco Ltd, a JSE-listed company in the mining sector of South Africa: Audit Committee Violet Mguni - Operations Director William Smith - Government official (only attends Board meetings) Bob Cilliers - Financial Director The Audit Committee meets annually. The Audit Committee evaluates the Board's performance. During a recent meeting of the Audit Committee, it was decided that Mineco Ltd would acquire shares in Africa Coal, a coal mining company listed on the JSE. A detailed analysis of the coal-mining sector supported this decision. Required: 1.1. Comment in terms of the requirements of King IV on the information presented. (10) 1.2. Explain the responsibilities of the Audit Committee regarding the appointment of external auditors and overseeing the external audit process