An auditor's consideration of materiality is influenced by the auditor's perception of the needs of a reasonable person who will rely on the financial statements.Select one:TrueFalse

In assessing the materiality levels, the auditor mainly considers the quantitative aspect of the Financial Statements and the qualitative aspects only follows it.Group of answer choicesTrueFalse

Materiality is one of the factors considered by the auditor when determining the nature, timing and extent of audit procedures and evaluating the effect of misstatements.Group of answer choicesTrueFalse

In determining the materiality levels, if mostly depends on the auditor's professional skepticism.Group of answer choicesTrueFalse

The auditor must identify and assess the risk of material misstatement in the financial statements. Where control activities are at the service organisation, the user auditor must still evaluate their design and determine whether they have been implemented.

In order to form that opinion, the auditor shall conclude as to whether the auditor has obtained reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error.Select one:TrueFalse