Match to the correct answer. Reply as to whether you believe the following statements are TRUE or FALSE concerning (Worth 5 points): Materiality is based on auditor judgement based only on qualitative factors. Deminimis misstatement is generally the largest amount of an error an auditor can tolerate for any one account/disclosure before an adjusting journal entry should be booked. In the Completion phase of the audit Materiality is used for scoping (to determine which accounts are significant and therefore need to be tested by the auditor during the substantive phase of the audit). If misstatements aggregating $50K would have a material effect on the balance sheet and errors aggregating $100K would have a material impact on the Income Stmt. $50K should be set as Overall Materiality. Overall Materiality is the largest amount of uncorrected dollar misstatement the auditors believe could exist in published financial statements without causing them to be considered materially misleading.