Your financial manager having the knowledge that you are a recent graduate from the University of Johannesburg was very much interested in the National Student Financial Aid Scheme (NSFAS) given the fact that it has been in the news in the recent past. For your first task the manager explained to you that it is important that you are competent and well versed in the skill of accounting and external reporting. This is because a lot of reliance will be placed on you by her as her assistant in communicating the story of the business to external users in a way that will help them understand what occurred in South African Golden Brewers (Pty) Ltd (thereafter, SAGB) during the reporting period. She further explained that in order for both of you to have an efficient and effective working relationship trust has to be developed. In assessing that you are competent and well versed in the skill of accounting and external reporting, the financial manager has given you a set of instructions

1. Download the latest NSFAS annual report.

2. Save it and have it ready to access at any given time.

3. Respond to the following Financial Manager's instructions: a. What type of entity is the National Student Financial Aid Scheme?

b. Which financial reporting standards are the NSFAS annual financial statements prepared in accordance with?

c. The requirement to produce financial reports is per what legislative requirement? Provide the applicable legislation word for word.

d. Chapter 1 of the Conceptual Framework states that the objective of financial reporting is: "To provide financial information that is useful to users in making decisions relating to providing resources to the entity."

e. With reference to the Report of the Auditor-General, identify one event that you believe contradicts the objective of financial reporting and briefly discuss why