5.1 You are a chartered accountant employed in the finance department of Medirite Ltd, a company that imports and sells medical supplies. The companys CEO, Mr Charles Smith, accidentally forwarded the following email to you (Albert King) that was meant for the CFO, Mr Albert Gladwell. Hi Albert, I have just looked at our figures for the past financial year, and I must say, I am impressed! It was a good decision to inflate the selling price of our vitamins and falsely market them as 100% effective against monkey-pox. After the scare that the public had with the Covid pandemic, they are so gullible! Those vitamins sold like hot cakes! My only concern is that, as the financial year end is approaching, that team of nosy external auditors will be here soon. Hopefully they will not ask too many questions. I must say I am not a fan of the auditors. They raised all kinds of issues about the composition of our board and its committees, with which I do not agree. I firmly believe that as the CEO and member of the board, I must be part of every committee of the board to enable me to properly run this company. I remembered a few years ago, the auditors informed me that there are apparently all kinds of requirements regarding the frequency of meetings. Who has time for that? A meeting once a year for each committee is more than enough. Luckily, we have an all-male board of directors, so that keeps meetings short and sweet, if you know what Im saying! Anyhow, just wanted to let you know that I am happy with the figures. Keep up the good work.

REQUIRED: Comment on the corporate governance of Medirite Ltd with reference to the King IV Code. (10 Marks)