Question) Hi please provide explanation and worked solution to the following question.... Thanks!

You have been asked to calculate the level of materiality for an organisation. The following information has been provided by the client based on the unaudited figures for the current year and the audited figures for the previous year of this organisation. Calculate materiality and justify any professional judgements that is required. Potential benchmark/ % range for base Unaudited current year Audited prior year base calculation $000s $000s Revenue 0.5- 1% 27.326 32.800 Net Profit 5- 10% 2.755 6.306 Total Assets 0.5- 1% 14.900 16.268 Total Equity 1- 2% 16.500 15.500