Question: Using information from the financial statements for Penfolds Mining Group Ltd, you are to use professional judgement to complete the following tasks: a. From the

Using information from the financial statements for Penfolds Mining Group Ltd, you are to use professional judgement to complete the following tasks:

a. From the bases for planning materiality stated above, identify what you think is the most appropriate base and state your reasons why you have chosen this base.

b. Given your choice of base, from the threshold percentages stated above, indicate your choice of threshold percentage and state your reasons why you have chosen this percentage (NOTE: For each of the bases a range of percentages is given. You must choose a percentage at the high end, low end or middle of this range and justify your choice of percentage).

c. Calculate the amount of Planning Materiality given your decisions in a and b above.

d. With respect to Clearly Trivial Threshold, select the percentage range for your CTT calculation (1% to 5% of PM) and state your reasons why you have chosen this percentage.

e. Calculate the amount of CTT

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