CAS1501 Assignment 3 (COMPLETE ANSWERS) Semester 1 2025 (142818 ) - DUE 15 April 2025; 100% correct solutions and explanations.

CAS1501 Assignment 3 (COMPLETE ANSWERS) Semester 1 2025 (142818 ) - DUE 15 April 2025; 100% correct solutions and explanations.Case study Article 1: KGMP says it fired Fikile Maake in November 2022 after uncovering potential fraud with bursary funds combined with the 5 April 2024 KGMP statement regarding Fikile Maake In a statement released on Friday, the external audit firm KGMP said it dismissed Maake after a stringent disciplinary process related to non-compliance with firm policies. “Subsequent to his dismissal, KGMP identified potential fraud committed by Mr Maake and immediately initiated an internal forensic investigation. This investigation uncovered fraudulent behaviour related to bursary funds and as a result, we reported the matter to the relevant law enforcement authorities in February 2023,” the firm said. During the investigation, KGMP said that it identified that Maake was allegedly colluding with external parties and no other parties within the firm were identified. “While KGMP had internal controls in place to mitigate such issues, the forensic investigation performed identified internal control weaknesses over the bursary process and the firm has since implemented improvements and additional measures of control.” KGMP said: “With regards to the bursaries, all monies were misappropriated through an elaborate scheme of fictitious accounts, overriding of internal controls and deliberate collusion with external parties.” Meanwhile, KGMP CEO Isaac Shaba, added that the professional accountancy firm takes a zerotolerance approach to unethical behaviour. “Any person found to be involved in it will be dealt with. I remain firm in this endeavour and as a firm we continue to drive an agenda underpinned by ethics and accountability,” said Shaba. Article 2: More arrests expected relating to KGMP bursary fraud a. KGMP employee Fikile Maake is accused of being dishonest as he allegedly stole R16.5m of bursary funds meant for university students. b. The Eagles are confident that