(ii) Equity
– Review board minutes to confirm the issue of share capital during the year
– Agree the issue of shares is allowed from a review of any statutory constitution agreements
– Inspect the cash book and bank statements for evidence of cash receipts from the share issue
– Where the sum received is less than $1·6 million, agree difference is treated as share capital called
up but not paid
– Recalculate the split of proceeds and correct treatment of nominal value of shares and share premium
account
– Review the disclosure in the draft financial statements and ensure it is in line with relevant accounting
standards and local legislation 
4