Case: Castoro & Partners, CPAs is auditing Cloud 9 for the FY2023. Cloud 9 is a small public company and has been an audit client of Castoro & Partners since 2018. Materiality Methodology: Overall materiality is determined as: (1) For public clients, materiality is 2.5% of current year revenue. (2) For private clients, materiality is 1% of current year total stockholders' equity. Performance materiality (PM) is 50% of materiality. PM is rounded to the nearest whole dollar. Preliminary Analytical Procedures Methodology: Castoro & Partners perform preliminary analytical procedures by calculating the dollar change and percent change of the client's account balance from the prior year's audited numbers to the current year's trial balance. If the fluctuation in the comparision is less than PM and less than a 10% change, use the tickmark of "X". Otherwise, use the tickmark of "E". Instructions: Complete Step 1 on this tab, and use the second tab to complete Step 2. All green cells need to be completed. Step 1: Calculate Materiality and PM according to Castoro & Partners' methodology. Materiality = PM = $30,000.00 $15,000.00 Step 2: Perform preliminary analytical procedures according to Castoro & Partners' methodology. Tickmarks should go in column J.