[The Auditors Institute Ltd]

Hello Jason

Thanks for your question.

Given the $20,000 receivable owed by the fund member back to the fund, I would see this as a section 65 breach, in relation to the provision of financial assistance to a member of the fund.

I don’t think it is a R5.08 issue, on the basis the fund member’s interest has been fully paid out.

Would be happy to hear the thoughts of other fund auditors, especially in relation to the R5.08 matter.

Best regards

The Auditors Institute