QUESTION 7 Which one of these statements is incorrect with regards to a funds audit? a) A fund with a total asset value of R66 000 000 will be classified as a Large Fund. b) A retirement annuity fund is classified as an ordinary fund. c) A fund with a total asset value of R5 000 000 will be classified as a Small Fund. d) A fund with a total asset value of R7 000 000 can apply for audit exemption. e) None of the above.

QUESTION 9

In choosing an administrator, which of the following factors should the trustees of a fund not take into account?

a)The administrators service offering and time frames.

b)The fees charged by the administrator.

c) The administrators data protection policy and procedures.

d)The funds professional indemnity cover.

e) None of the above.