3. Respond to the following Financial Manager's instructions:

a. What type of entity is the National Student Financial Aid Scheme?

b. Which financial reporting standards are the NSFAS annual financial statements prepared in accordance with?

c. The requirement to produce financial reports is per what legislative requirement? Provide the applicable legislation word for word.

d. Chapter 1 of the Conceptual Framework states that the objective of financial reporting is: "To provide financial information that is useful to users in making decisions relating to providing resources to the entity."

e. With reference to the Report of the Auditor-General, identify one event that you believe contradicts the objective of financial reporting and briefly discuss why.