Discuss any contradictions and concerns you have regarding the information presented, in terms of the requirements of King Code IV. A reminder to first state the applicable King Code IV requirement, whereafter you apply the information in the scenario to the requirement.

Board of Directors

Chairman of the Board

Annual Financial Statements and Integrated Report

Risk management

Internal audit

You are an Audit Manager at ABC Auditors and have already been working at ABC Auditors for 5 years. In 2023, your first audit client for the year was the audit of Global Industries (Pty) Ltd ("Globar). Global has a February year-end. You know the audit client and staff well as you were on Global's 2022 financial year audit. Global is a transport company that owns buses, trucks, and cars. The entity provides transport services across South Africa, with depots in the major cities. You inspected the minutes of the Board meeting held on the 30th of November 2022. You made the following notes from the minutes: - Part of Jason Sevan's duties includes procurement. He is the Chairman of the Social and Ethics Committee and a member of both the Audit Committee and Nomination Committee. - Jason Sevan welcomed the newly appointed Board member, James Classen, who is the lead independent Director in line with King IV requirements. He was appointed on 30 June 2021 . He is an experienced businessman with extensive experience and thus there was no need for an induction. - Jason Sevan appointed James Classen as both an Independent, NonExecutive Director and the Company Secretary. - The Audit Committee is responsible for the evaluation of the Board's performance. The performance evaluations form part of determining the Board's development needs and the training needs of Directors. - The Board of Directors had discussed the content of the remuneration to be disclosed in a separate table on the Financial Statements as some of the Directors complained that only the remuneration of all directors in total should be disclosed, and not the remuneration of each member. - The performance of the CEO and Chairman of the Board is evaluated by the Internal Audit Department. - The Annual Financial Statements are compiled by the Accountant and reviewed by Craig Ceasar. A copy of these financials and integrated reports are available only at the Head Office in Bellville. This is done so that stakeholders can view it. The annual report is issued every second financial year. - Craig Ceasar is the Head of Internal Audit and is also the Chief Audit Executive("CAE"). The Internal Audit Department reviews the implementation of the risk management plan on an annual basis. - Craig Ceasar approved the internal audit charter. - The Risk Committee approves the risk policy, and the risk appetite is also approved by the Risk Committee