Question: According to the text, the first step in applying materiality to an audit is Multiple Choice To ask management what constitutes a material amount in

According to the text, the first step in applying materiality to an audit is
Multiple Choice
To ask management what constitutes a material amount in their business.
To determine the overall or planning materiality level for the financial statements.
To aggregate the misstatements found in each account and determine their overall effect on the financial statements.
To determine tolerable misstatement or performance materiality for each account balance.

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