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Question 5

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You are the audit senior assigned to the audit of Fix-IT Ltd, a motor vehicle spares company.You obtain an understanding of the warehouse function within the revenue and receipts cycle at Fix-IT Ltd.The warehouse clerk accesses the internal sales order file with all the internal sales orders arranged by order numbers.They will then select the sales order for picking.

Identify the type of access that the warehouse clerk should have to the internal sales order file.

a.

A. Read-only access

b.

B. Write-only access.

c.

D. Both write and read access

d.

C. No access

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Question 6

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Reddington Ltd is a company selling protective clothing. With the emergence of the recent corona virus pandemic, Reddington Ltd has seen an exponential increase in demand for face masks. Fortunately, Mr Dembe Zuma, the Chief Financial Officer (CFO) of Reddington Ltd has identified a company, Townsend (Pty) Ltd, who is able to supply sufficient face masks to Reddington Ltd for a material amount of R14 million. Townsend (Pty) Ltd is fully owned by Mr Zuma and his daughter Mrs Keen. You may assume that all other Companies Act requirements have been met, and that the Memorandum of Incorporation (MOI) does not contain any altered provisions affecting the prescribed resolution.

What type of resolution (if any) is necessary to approve the contract?

a.

No resolution

b.

Special resolution

c.

Board resolution

d.

Ordinary resolution