A recent statement about the King IV code made by Deloitte is as follows: We believe the new code represents a positive step forward, in that it is principles-based and outcomes-based, and it takes the challenges and realities of todays business world into account. 3.1 Appraise the importance of the King IV code. (5 marks) 3.2 Summarise the recommended practices for the following principles of the King IV code: 3.2.1 The governing body should lead ethically and effectively. (5 marks) 3.2.2 Govern the ethics of the organisation in a way that supports the establishment of an ethical culture. (5 marks) 3.2.3 Ensure that the organisation is and is seen to be a responsible corporate citizen. (5 marks)