Question 3 (28 marks) As you have a sound knowledge of the SAICA Code of Professional Conduct, you have been asked to comment on the following unrelated situations which have arisen at your audit firm. 1. One of the firm's audit clients, Iron Ware Ltd, provides educational bursaries for the children of its employees including children of senior management. The company now wants to introduce a programme to assist bursary students who graduate, to find employment. The company has requested your firm to offer training contracts to students who qualify with a Bachelor of Commerce degree. The Iron Ware Ltd group is a major client of your firm. (5) 2. Another major audit client of your firm is Megasure Ltd. Jack Johnson, whose wife runs a catering business called Jack Spratt CC, is the manager on the audit. Megasure Ltd spends a significant amount of money on internal business related entertainment, and is about to put its