QUESTION 3 (20 MARKS) Jack Wood is the engagement partner for the nancial report audit of Clayton Ltd ibr the year ended 31 December, 2011. The following material events or transactions have some to Wood's attention before he is scheduled to issue his report on 28 February, 2012. For each of the below events or transactions, discuss ONE audit procedure that should have brought the item to the auditor's attention (I Mark), and indicate the treadin-t required in the naneial report (2 Marks). Give ONE reason for your decision. {2 Marks) a) 0n 3 January, 2012, Clayton Ltd reeeived a shipment of raw materials om Bangkok. The materials had been ordered in October 2011, and shipped FOB (free on board) shipping point (the title of the goods passes to the buyer at the shipping point) in Nov-her 2011