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Problem 1: Which of the following statements concerning materiality is not correct?
a. The auditor considers materiality at both the overall financial statement level and in relation to individual account balances, classes of transactions, and disclosures.
b. There is an inverse relationship between materiality and the level of audit risk, that is, the higher the materiality level, the lower the audit risk and vice versa.
c. An auditor considers materiality for planning purposes in terms of the largest aggregate level of misstatements that could be material to any one of the financial statements.
d. The concept of materiality recognizes that some matters are important for fair presentation of financial statements in conformity with GAAP, while other matters are not important.
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