Question 2 Fineness (720 words max., 16 marks) a) Metalwise plc has recently changed its auditor. The new auditor intends to get a thorough understanding of Metalwises financial accounting information before she starts the audit. So far, she has only seen the draft financial statements for the year ended 31 December 2020. The auditor considers the draft financial statements insufficient and, in particular, complains that Metalwises financial statements do not contain enough information to understand the underlying transactions. I want to see finer information. Required: Briefly explain the notion of fineness. In addition, explain, using specific examples, which type(s) of information would satisfy the auditors request. b) Assume that Metalwise satisfied the auditors request from a) by providing finer information and that the auditor starts the assessment of specific positions in the statement of financial position and statement of comprehensive income in greater detail. The positions that are assessed are material positions, i.e., positions that, as a percentage of total assets, exceed 3%. Required: Comment on whether and, if so, how finer information can impact this materiality assessment. You can refer to your answer in a). You are not required to compute specific values based on the draft financial statements.