You have been appointed to the position of financial manager of Masada (Pty) Ltd and you are preparing the financial statements for the year ended 30 June 2019. The Annual General Meeting is scheduled to be held on 12 August 2019, on which date the financial statements are to be approved by the directors. The following matters have come to your attention:

(i) On 1 August 2019, the junior accountant uncovered a serious fraud, amounting to R500 000.00. The trade payables clerk had created a fictitious supplier account, issuing false invoices to the company, and was then single-handedly diverting funds into a dummy account. The clerk was subsequently fired, and the matter reported to police.

(ii) The company paid a dividend on 13 June 2019, to all shareholders on the share register as at 3 June 2019. However, during July 2019, the company has sustained cash shortages (Owing to large trade payable payments made in early July). As a result, the company has requested a return of a portion of the dividend payment from its shareholders.

Required:

Assuming todays date is 5 August 2019, discuss whether the matters noted above require amendment in the financial statements for the year ended 30 June 2019.