3. Explain the term "materiality" with respect to the financial statements. How does the auditor establish a preliminary judgment about materiality? Explain the steps in applying materiality to the audit engagement. 4. Explain the following terms "vouching and tracing. Explain the recommended procedure that would be used for the following a. To obtain satisfaction that all shipments of merchandise have been billed to the respective customer of the client. Vouching? Or tracing? b. To determine that all billings to customers are supported by shipments of merchandise. Vouching? Or tracing