statements regarding materiality
Which of the following statements regarding materiality is True?
a.
In general terms, levels of materiality are set depending on an auditor’s judgements.
b.
Materiality is determined at the start or planning phase of an audit engagement. It is a component of an audit that remains an unmoving benchmark.
c.
Common benchmarks that may be appropriate, may be based on levels of reported income in categories such as profit before tax, total revenue, total expenses, gross profit, total equity or net assets.
d.
Misstatements, including omissions, are considered to be material if they, individually or in aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
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