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New Age Auditors provide auditing and financial services to various companies. The senior auditor has tasked you to prepare a report on the two companies provided below: MATRIX LTD Bronny Brown is the Chief Executive Officer (CEO) of the company, his shareholding is as follows: Number of shares 740 000 Date 1 July 2022 % Shareholding ? Share Capital 1 500 000 shares were in issue on 1 July 2022. 300 000 shares were repurchased on 30 November 2022 Share Capital 1 500 000 shares were in issue on 1 July 2022. 300 000 shares were repurchased on 30 November 2022 The company issued 200 000 shares on 30 June 2023. REQUIRED: 1.2.1 Calculate the percentage shareholding of Bronny Brown: (a) At the beginning of the year (1 July 2022) (b) End of the year (30 June 2023) (2) (4) KHULA LTD On 1 March 2022, the company issued an additional 300 000 shares. On 28 February 2023, there were 1 500 000 shares in issue. Buhle Langa, the CEO owned 540 000 shares in the company on 1 March 2022. She bought additional shares from Johannesburg Securities Exchange (JSE) during the year. On 28 Buhle Langa, the CEO owned 540 000 shares in the company on 1 March 2022. She bought additional shares from Johannesburg Securities Exchange (JSE) during the year. On 28 February 2023 Buhle became the majority shareholder, she owns 51% of the shares in issue. REQUIRED: 1.2.2 Your report must address the following: (a) Calculate the total number of additional shares that were purchased by Buhle. (4) (b) Give TWO possible reasons why Buhle was determined to become the majority shareholder. (4) New Age Auditors provide auditing and financial services to various companies. The senior auditor has tasked you to prepare a report on the two companies provided below: MATRIX LTD Bronny Brown is the Chief Executive Officer (CEO) of the company, his shareholding is as follows: Number of shares 740 000 Date 1 July 2022 % Shareholding ? Share Capital 1 500 000 shares were in issue on 1 July 2022. 300 000 shares were repurchased on 30 November 2022 Share Capital 1 500 000 shares were in issue on 1 July 2022. 300 000 shares were repurchased on 30 November 2022 The company issued 200 000 shares on 30 June 2023. REQUIRED: 1.2.1 Calculate the percentage shareholding of Bronny Brown: (a) At the beginning of the year (1 July 2022) (b) End of the year (30 June 2023) (2) (4) KHULA LTD On 1 March 2022, the company issued an additional 300 000 shares. On 28 February 2023, there were 1 500 000 shares in issue. Buhle Langa, the CEO owned 540 000 shares in the company on 1 March 2022. She bought additional shares from Johannesburg Securities Exchange (JSE) during the year. On 28 Buhle Langa, the CEO owned 540 000 shares in the company on 1 March 2022. She bought additional shares from Johannesburg Securities Exchange (JSE) during the year. On 28 February 2023 Buhle became the majority shareholder, she owns 51% of the shares in issue. REQUIRED: 1.2.2 Your report must address the following: (a) Calculate the total number of additional shares that were purchased by Buhle. (4) (b) Give TWO possible reasons why Buhle was determined to become the majority shareholder. (4)
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Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt
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