6. Tolerable misstatement is best described as a. A clearly trivial amount. b. Amount of misstatement an auditor should detect through audit procedures. c. Amount of misstatement an auditor is willing to accept and still not say the account balance is materially misstated. d. Amount of misstatement that no type of audit procedure will detect.

7. Which of the following statements about materiality is false? 8. a. The concept of materiality recognizes that some matters are important for fair presentation of financial statements in conformity with the applicable financial reporting framework, while other matters are not important. b. An auditor considers materiality for planning purposes in terms of the largest aggregate amount of misstatements that could be material to any one of the financial statements c. Materiality judgments are made in light of surrounding circumstances and necessarily include both quantitative and qualitative judgments. d. An auditors consideration of materiality is influenced by the auditors perception of the needs of the common financial information needs of users of a group