Question: W/P ref: A2-1 Prepared by: Date prepared: Cloud 9 Ltd. December 31, 2020 Setting materiality Users Financial statement area of most concern to the user

W/P ref: A2-1 Prepared by: Date prepared: Cloud 9 Ltd. December 31, 2020 Setting materiality Users Financial statement area of most concern to the user Base selected for planning materiality (PM): Justification for selection: Calculation of PM Current Year Prior Year Trial balance amount: Normalizing adjustments (that is, non-recurring items) Annualized (if required): Benchmark applied Calculated materiality: Conclusion: PM materiality is Performance materiality: 70% x. Conclusion: Performance materiality is

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