PART A

Determine the level of materiality to be used for the audit of Lion Town resources Itd $\text{'}$s group accoun the year ending $2023.$ Your answer should include a discussion of the nature of materiality, and a des of what materiality represents in terms of the audit of a set of financial statements and should discuss different bases and considerations employed in arriving at materiality. Explain the rationale behind you choice of a certain level of materiality. You must also provide a quantitative estimate of materiality for