The Companies Act $2008$ and its accompanying Companies Regulations, $2011$ require that every company and close corporation calculate what is termed its 'public interest score'

YOU ARE REQUIRED TO:

a$.$ Explain the term $$public interest score,$$ and how it is calculated. $(8)$

b$.$ State whether the following statement is true or false: All public and state$-$owned companies must calculate their public interest score to determine whether they must have their annual financial statements audited. Justify your choice. $(1\mathrm{.}5)$

c$.$ Explain fully, the link between the public interest score of a private company and the type of assurance engagement $($if any$)$ to which the company must subject its annual financial statements. $(8)$

d$.$ State whether the following statement is true or false: All companies that hold assets in a fiduciary capacity must have their annual financial statements audited, regardless of their public interest score. Justify your choice. $(1\mathrm{.}5)$

e$.$ Briefly explain how a company that is not required to have its annual financial statements audited in terms of the Companies Act or its public interest score, may voluntarily elect an audit.