In the planning of an audit, it was decided that cash would not be audited because it made up only 1 percent of total assets. You respond to this decision by saying:

(a) Whether or not this was acceptable would depend on the company and the type of industry.

(b) Cash is always going to be material, no matter what amount it is.

(c) An amount of 1 percent of total assets is likely to be immaterial.

(d) It is probable that this amount would still be considered material, because of the nature of cash.