QUESTION THREE The notes to the financial statements of Traditions Ltd, a large listed company, reveal an audit fee of approximately R21 million for the previous year's audit. Your junior trainee has exclaimed, "We seem to have had to gather sufficient appropriate evidence just to express reasonable assurance. At best our unqualified audit report will take up about a page of the financial statements, and our audit fees for this year will run into millions of rands! How can such a short report be worth it?" Required: 1. Explain the term sufficient appropriate evidence. 2. Discuss the term reasonable assurance. In your discussion explain why the auditor cannot certify the financial statements as being 100% correct. 3. List the assertions at the different levels of the financial statements