Question 2 W&S Partners' audit methodology dictates that one planning materiality (PM) amount is to be used for the financial statements as a whole. Further, only one basis should be selected-a blended approach or average should not be used. The basis selected is the one determined to be the key driver of the business. W&S Partners uses the following percentages as starting points for the various bases: Base Threshold (%) Profit before tax 4.0 Revenues Total assets Equity 1.0 1.0 3.0 14113 You are required to: a. Identify the three most important potential users of the financial statements of Cloud 9 and the financial statement area that is of most concern to these users. You should use the table format below for your response. User 1. 2. 3. Financial statement area of most concern to the user b. Using the December 31, 2023 trial balance (in Appendix A) and information about planning materiality bases, calculate planning materiality for 2023 and 2022. You are also required to justify the basis that you have used for your calculation. (Hint: you may need to prepare the income statement or statement of financial position before calculating your planning materiality). c. Calculate performance materiality at 75% of the planning materiality for both years using your materiality values from 'b' above. d. In two to three sentences, explain the meaning of the numbers derived in questions b and c above?