You are a new graduate at EYOR, a medium sized audit firm. Venus Navratilova, one of the partners has asked you to assist in drafting a memo which she will use to address the audit committee of Serena Halep Ltd. The company is expanding rapidly and currently has 12 shareholders, assets of $50 million and annual revenue of $20 million. Serena Halep Ltd, a New Zealand company, is a new client and the audit committee has asked your firm for some guidance on the legal environment relating to their governance responsibilities. In particular, they have asked for clarification on certain matters: Required: Venus Navratilova has requested you to provide her with answers on the following (you are not required to provide references to sections of any Acts): a. For how long is the company required to keep accounting records and copies of financial statements? (1 mark) b. What are their obligations regarding preparation and audit of financial statements under each of the following scenarios: i. Their current situation, (3 marks) ii. If they continue to expand rapidly? (3 marks) iii. If they decide to list on the New Zealand Stock Exchange? (3 marks) C. (Your answer should briefly consider the type of Financial Statements required, period within which they are required, and type of auditor and opt-out provisions) What disclosures, if any, are required in Annual Reports regarding remuneration of directors, employees and auditors? (3 marks) Provide one example from the Financial Reporting Act 2013 and one example from the Companies Act 1993 which promote auditor independence (2 marks) d