13) Which type of guidelines are suggested by AASB 1031? A) relative B) relevant 14) Materiality is affected by quantitative and factors. A) audit risk B) absolute C) qualitative D) quantitative C) relevant D) qualitative 15) When setting a preliminary judgement about materiality at the planning stage, auditors may have to subsequently change this preliminary assessment. The new assessment is called: A) allocated materiality. C) revised assessment of materiality. Answer: C B) segment materiality. D) planned materiality. 16) Benchmarks are needed for evaluating materiality. If you used operating profit before income tax, what minimum percentage would you use for planning materiality? A) 5% B) 10% C) 1% D) none of the above 17) Benchmarks are needed for evaluating materiality. If you used current liabilities or current assets, what minimum percentage would you use for planning materiality? A) 5% B) 10% C) 1% D) none of the above