Question: THIS IS A BUSINESS LAW QUESTION You have started work for a newly incorporated company that has eight shareholders and an expected annual income of

THIS IS A BUSINESS LAW QUESTION

You have started work for a newly incorporated company that has eight shareholders and an expected annual income of $10 million. You have been asked to prepare a short memorandum for the board advising them of the legal requirements for the company to have end-of-year (EOY) financial statements prepared and audited. The memorandum should refer to the relevant provisions of the Act and other rules that apply in this situation.

ILAC is not required for this question. Set out your answer as a short report addressed to the board. You may use headings in your answer.

Word Limit: 400 words

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