Assessment Task 3(c) Requirements and Template.Adapted from Exhibit 2-3, Lakeside Case 12th edition (2012).Your task here is to assume the role of external auditor for the entity you chose for Task 2.Explain and support your preliminary judgement about planning materiality for the entity you chose for Task 2. You are expected to come up with four different a dollar amounts – determined by using each of the Bases shown in the left hand column of the Table below and the % range specified in your text – and then explaining which of the four amounts you believe to be most relevant to your chosen entity and their current operating environment.We will be sure to illustrate this process using the Lakeside Company case as an example in one of the class sessions prior to the due date.Completing the Tables below documents the support for your preliminary judgement; discussing why you chose your selected base amount and the impact of any qualitative factors on increasing or decreasing your selected amount.Quantitative Considerations(Planning) materiality is relative and so you need to choose an appropriate base. This base will vary depending on the nature of the client’s business and the focus of users when they make their economic decisions. Typical bases and percentages applied to the bases range from 0.5% up to 10% are listed in your text and ASA320 (noted above). Show the bases you evaluate and the % applied in the Table below – explain your choice of percentages AND briefly explain which base you believe is most appropriate in the bottom row of the Table (your explanation will wrap automatically).?Base$ amount% range$ range (% x $)??Profit before tax??Net revenue (sales)??Total Assets??Equity??Explanation of your choices >>?Qualitative ConsiderationsUsers may rank some misstatements more important than others. List any relevant qualitative factors from your chosen entity and indicate in the Table below how each impacts on the…