Stapleking Ltd is a large manufacturer & wholesaler selling a wide range of fasteners, such as staples, tacks & drawing pins. The company has a number of divisions, for example the commercial fasteners & domestic fasteners divisions. Controls are sound & include an internal audit department which is staffed by competent internal auditors. Internal audit activities are scheduled at the start of each financial year, but, during the year, numerous requests are received from within the company for internal audit to carry out various assignments. The following requests have been received:\ 1. Lindsay Haffejee, the chief audit executive, has been asked by the human resources director to serve on a Selection Committee for the appointment of a new company secretary.\ 2. The financial director has asked the internal audit department to design & implement a costing system for a new type of product which is to be manufactured.\ 3. The information technology manager has asked internal audit to conduct a post implementation review of a recently introduced telesales ordering system.\ 4. The warehouse manager has requested internal audit to perform an audit to determine whether the company is complying with all necessary safety regulations, for example fire protection & ventilation regulations.\ 5. The financial director has requested internal audit to schedule an investigation into the payroll & personnel cycle to determine whether there are fictitious employees on the payroll.\ 6. The production director has requested internal audit to conduct inventory cycle counts in the finished goods warehouse on an ongoing basis.\ 7. The external auditors have requested internal audit to assist them with the verification of the existence of plant & equipment at an interim audit.\ 8. The board of directors has requested internal audit to assist in identifying, evaluating and assessing significant organizational risks.\ 9. The financial director has requested internal audit to perform an analysis of the monthly management accounts & to make a presentation to the board on a quarterly basis.\ Required:\ 1.1. According to the King IV Report, explain how the board of directors can promote the status of the internal audit department. (5)\ 1.2. Indicate, giving reasons, how Lindsay Haffejee, as the chief audit executive, should respond to the above requests. (15)