Question B3 "Materiality' is a term often used in auditing. Determining materiality involves the exercise of professional judgement. As a starting point, a percentage is often applied to a particular benchmark. (a) Give examples of four items that are commonly used as benchmarks for materiality (4 marks) (word limit: 100) (b) What factors may affect the identification of an appropriate benchmark? (5 marks) (word limit: 150)