With each of the three sentences under the audit committee state whether it is in compliance with King IV or not. If not state the correct principle meaning between principles 1 to 17. And explain why the entity is in contravention of the relevant principle. With each of the three sentences this must be done.

Audit committee Comprises of the following individuals : R Rose; C Bolton and N Norton The audit committee is responsible for the performance of the board of directors. During a meeting of the audit committee it was decided that Insta Ltd would acquire shares in Meta Ltd