Investment in shares EveryWear acquired 100 000 shares in Thandi Wines on 5 July 2022 for R30 each. These shares were acquired as a long-term investment, with fair value adjustments recognised in profit and loss.

EveryWear purchased a further 5 000 shares in Thandi Wines on 28 November 2022 at R32 each. The cost price includes a brokerage fee. Thandi Wines declared a cash dividend of R2 per share on 5 November 2022, payable on 15 November 2022. The last date to register for the cash dividend was on 10 November 2022.

Thandi Wines shares traded at R35 each on 30 June 2023. Thandi Wines have a March financial year-end.

QUESTION:

With reference to the information under Investment in shares, formulate the substantive procedures you would perform on the declaration of dividends if you were the external auditor of Thandi Wines.