20 Marks

An electrical engineering company which is registered has 94 employees with an annual turnover of ZAR200m and has a 3rd party liability of ZAR50m. The Company has only 5 shareholders with all of them owning equal shares. After phenomenal growth over the last 5 years, the organisation is considering listing on the Johannesburg Stock Exchange to raise funding so that they can implement their growth strategy in the pipeline for the past 5 years. All of the financial statements were outsourced as they did not have the expertise in house, and it was not their core business. One of their requirements of the JSE is to confirm their Public Interest Score. Calculate the PIS for this organisation and establish if an audit is required or not