Temptation Private Limited is a publicly listed firm on the South African stock exchange. Despite working for 15 years with full investor confidence, analysts found some misappropriation of accounts and various other financial frauds practiced by the firm. The true financial information of the firm was not reflected in the books of accounts, which led to an exodus of investors due to loss of trust in the firm. Several small investors lost their hard-earned money in the market, and they too sold off their stake.

Required:

In the context of South Africa, summarise best practices that deal with corporate governance practices and compliances.