Which of the following statements is false?
A)Planning materiality may be set at a lower level than reporting materiality
B)It is easier to plan for errors material by nature
C)At the planning stage, the audit team is concerned primarily with materiality by value
D)Materiality by context is easy to assess at the planning stage

Question

Quizplus · Accepted Answer

Materiality by context involves assessing the importance of information considering the surrounding circumstances, which can be complex and challenging to evaluate at the planning stage of an audit. This is because the auditor may not yet have a full understanding of all the contextual factors that could influence the materiality of certain information.

Which of the Following Statements Is False