Are there any ideas, biases, or assumptions implicit in the text? How does that affect the conclusions that you are able to draw?

The auditor uses planning materiality (or overall materiality) in determining whether the financial statements overall are materially correct. In planning the audit, auditors consider planning materiality in terms of the smallest aggregate level of misstatements that could be material to any one of the financial statements. After determining planning materiality, the auditor uses performance materiality to determine significant accounts and the audit procedures to perform for those accounts. Performance materiality might be calculated at 75% of planning materiality. For example, if planning materiality is set at $100,000, performance materiality would be $75,000. While the auditor might use 75% of planning materiality to set performance materiality, a range of 50% to 75% is typically used.

Identify procedures an auditor might perform to obtain an understanding of a clients business and the associated business risks??