b) YCM a firm that you and your friends Chanda and Monde owns is auditing the books of VNY. You have decided to use 5% of income before tax as a benchmark for planning materiality. If income before tax was K15 million. i)What would be the amount of planning materiality? (1 marks) ii)After checking the inventory and receivable ledger the total misstatement is K600, 000. What effect will this have on your audit report? Explain (4 marks) c)You friend Chanda is reviewing the audit paper and he is wondering how you decided to settled for the the 5% benchmark. Explain to your friend the factors that you considered when coming up with the 5% benchmark (6 marks) d) In the context of fraud, explain the differences between (1) incentives and pressures, (2) opportunity, and (3) attitudes and rationalization. How can the auditor use these components in fraud risk assessment? (8 marks)