African Union Integrated reporting refers to putting financial results of an organisation in perspective by also reporting on how an organization has, both positively and negatively, impacted on the economic life of the community in which it operated during the year under review and how the organisation intends to enhance those positive aspects and eradicate or ameliorate the negative aspects in the year ahead. (iii) (iv) (v) Provide details of the requirements regarding the audit of financial statements for all types of organizations in all three sectors, highlighting any differences between the requirements. Discuss the regulation and qualification requirements of the audit profession in your country as well as its oversight and disciplinary role including requirements for all the auditors to inform the supervisory authorities and/or the shareholders about the involvement of board members or senior management in illegal activities, fraud or insider abuse. Provide, if any, laws making it more favourable/less favourable for multinationals to operate in your country than the prevailing international standards. QUESTION 5: How does the corporate governance framework in your country ensure that organizations listed in objective one above have put in place risk management and effective internal controls mechanisms INDICATORS (i) Outline any requirements for the organizations listed in objective one above to manage risk and assess the effectiveness of their internal controls indicating any differences between the sectors and between organizations within a particular sector. (ii) Provide an assessment of compliance with the requirements by the organizations listed in objective one above, any challenges and any measure that are been taken to overcome these challenges. Explain the predominant processes or procedures in place in the organizations listed in objective one above that ensure that the Board monitors compliance with applicable laws, regulations, standards and codes (iii) (iv) Outline any requirements for organizations to have internal and external audits functions Provide an assessment of compliance with the requirements in (iv) including details of the number and types of organizations within each of the three sectors that employ internal and external auditors, who they report to, and their roles and responsibilities outlining any differences between the sectors or organizations within sectors. (v) Describe any sanctions against organizations or individuals for non-compliance with the laws regulations, standards and codes mentioned in this section and provide evidence of enforcement (vi) Describe any statutory reporting obligations imposed on external and internal auditors. 59