Choose the best response:

Investment and property schedules are presented for purposes of additional analysis in a document outside the basic financial statements. The schedules are not required supplementary information. When the auditor is engaged to report on whether the supplementary information is fairly stated in relation to the audited financial statements as a whole, the measurement of materiality is the

1. greater of the individual schedule of investments or schedule of property by itself.

2. lesser of the individual schedule of investments or schedule of property by itself.

3. same as that used in forming an opinion on the basic financial statements as a whole.

4. combined total of both the individual schedules of investments and property as a whole.