Question: Please read the following article and answer the questions that follows: PwC admits It falled to do its job property at BAA Bechard, M (Industry


Please read the following article and answer the questions that follows: PwC admits It falled to do its job property at BAA Bechard, M (Industry News) Jan 10, 2023 PricewaterhouseCoopers (PWC) has admitted that it dropped the ball in falling to iderally corruption at SAA when it audited the company's books between 2012 and 2018. In part 1 of his report on state capture, Acting Chief Justice Raymond Zondo said PWC and is joint-audit partner, Nkonid Inc. "fated dismaily" to detect the rampant fraud and corruption at the national carner. He said that if PWC and Nkonki had performed their functions properly. The shambolic state of financial and risk management in SAA would have been picked up earlier and could have been addressed. It took the interversion of the Auditor General to finally expose these deep deficiencies." PWC and Nkorki gave SAA unqualified audes for each of the five years they provided external audit services. "During this period. the board was in a state of precipitous governance decline. It was also engaging in acts of corruption and fraud. None of Bus was, however, detected by it's auditors Instead, their audit reports each year conveyed to the public that SAA was complying with the law and that rregular expenditure was under control." Judge Zondo said SAA's records and accounting practices were in a "darnal" state when they were taken over by The Auditor-General's (AG's) office for the 2016/17 financed year. Polan Sckombela. a business executive at the AG's office told the commission When the AG box over, the audit opinion changed from an unqualified (which refers to the financial statement:) with no material findings jwuch refers to compliance and peformance information i qualibed with findings on compaance with legislation, as well as findings on performance information of predetermined objectives The AC band bett d could not rely on the pesvous audit of Pac ers Nkook because there was i lack of supporting Documentation, and they could not fest how the posting balances had beenQUESTIONS 1. Controlling is linked with Planning. Organising and Leading. Discuss this ing with reference to PWC. (6) 2. Clanly the importance of the global awareness competency in accordance with PWC's control systems. (5) 3. Based on your reading of the case study, advise PWC on how to put in place adequate glovemance controls to be considered an ethical audit company again. (5) 4. Briefly discuss three reasons why a control process is vital for PWC. Substantiate your answer (6) 5. Identify and explain three types of control PWC should start/started implementing. Provide examples from the article 6. Discuss any three criteria for controls to be effective for PWC. 7. Stakeholder control is expressed as pressures from outside sources on PWC to change f's behaviours. Name thy two. silkclediets and caborate on the pressures these stakeholders place on PWC B. Critically discuss the slept in the control process PWC thouk! folow to ensure that senior managers actual performance compares favourably with predetermined standards Provide practical examples in your answer 10
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