Planning the Audit Initial Analytical procedures and Materiality Memo (P- 15) As you continue with the preliminary planning for the audit, you need to perform the initial analytical procedures and determine the planning materiality for the nancial statements as a whole and apply materiality at the account level {tolerable misstatement). Ms. Dutra would like you to give your opinion on this topic. You will need to prepare a memo (P 15) to accompany your workpapers explaining your conclusions and justifications for them. - Go to the Eagle 1ew-lllnalytjcal Procedures and Materiality Workhooklg (excel file) and complete the following tasks using the pre-formatted worksheets on the corresponding sheet : 0 Common size the balance sheet and income statement in the highlighted columns. Use the prior year information as your guide. 0 Determine the dollar amount and percentage change from the prior year for each account on the balance sheet and income statement. 0 Note any significant changes that you feel may he an indication of potential misstatement whether due to error or fraud