QUESTION 7 the following facts are extracted from the audit strategy of KPMG regarding Model file limited Company (Audit dient Fact 1 "The terms of the audit engagement are covered in the letter of engagement dated 1st March 2019 and require us to carry out a statutory audit and give an opinion on whether the financial statements comply with International Financial Reporting Standards (IFRS)" Required: Is Model file limited Company a private company or a public company? Justify your answer Fact 2 - The planning level materiality is S 613,000 Required: Is the planning level materiality 5613,000 a threshold materiality, an overall materialty or a performance materiality? Fact 3 "This is the first year of operations and audit for the company" Requirements: 1- Is model file limited Company recurring or initial audit client? 2-is KPMG a predecessor or a successor auditor