Question: 'Performance materiality commonly ranges from 60 per cent ... and 85 per cent ... of the figure established for materiality for the financial report as

'Performance materiality commonly ranges from 60 per cent ... and 85 per cent ... of the figure established for materiality for the financial report as a whole' (Gay & Simnett, 2018, p. 158). Calculate the performance materiality threshold for an audit with low risk for the period ended on 30 June 2021. Assume the company reports net profit of $250M on 30 June 2020 and $158M on 30 June 2021

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