e 'Auditing & Assurance Services(1) Sampling risk could be reduced to low levels through effective planning and supervisions of audit engagements Select one True False 2 Neart page & Assurance Services(1) "Auditing & Assurance Services(1) The auditors must consider materiality in planning an audit engagement Materiality for planning purposes is: Select one O a The auditors' preliminary estimate of the largest amount of misstatement that would be material to any one of the client's financial statements. b. An amount that cannot be quantitatively stated since it depends on the nature of the item c The auditors preliminary estimate of the smallest amount of misstatement that would be matenal to any one of the client's financial statements d The auditors preliminary estimates of the amount of misstatement that would be materia to the cent's balance sheet & Assurance Services(1) 'Auditing & Assurance Services(1) On financial statement audits, it is required that the auditors obtain an understanding of internal control, including Select one O a Provide reasonable assurance b. Placed in operation Oc Operating effectiveness Od Performing tests of controls. te Nie