In their $2022$ Annual Integrated Report, Woolworths Holdings Ltd describe the role of their audit committee as follows.

$$The role of the Audit Committee, in addition to its statutory duties in line with the Companies Act $71$ of $2008($as amended$),$ is to provide independent oversight of the effectiveness of the internal financial controls and the system of internal controls to assist the Board in ensuring and monitoring the integrity of the Group$$s Annual Financial Statements and related external reports. The Committee further oversees the effectiveness of the Group$$s external and internal assurance functions and services that contribute to ensuring the integrity of the Group$$s financial and integrated reporting. In addition, the Committee assesses the independence and effectiveness of the external auditor and manages the relationship with the external auditor.$$

$3\mathrm{.}1$ Why is it important for all registered companies to appoint an audit committee and an external auditor and what are the legal requirements governing such an appointment? $(5)$

$3\mathrm{.}2$ Woolworths says it is the role of the Audit Committee $$to provide independent oversight of the effectiveness of the internal financial controls and the system of internal controls.$$ What do you think is meant by this statement and what can the audit committee do to execute this task? $(5)$

$3\mathrm{.}3$ Why is the integrity of the Group$$s Annual Financial Statements and related external reports, an important aspect or function of the Audit Committee?

$(4)$

$3\mathrm{.}4$ What are the minimum requirements to which the financial statements should adhere? $(4)$

$3\mathrm{.}5$ Provide a brief overview of the key elements$/$aspects of the Audit Committee$$s role concerning the internal audit function. $(5)$