Materiality is an important aspect of any audit. Which of the following statements are accurate? (Several choices may be correct.)

a. Materiality is used to guide the planning of the audit

b. The higher the materiality the more work that is required

c. The lower the materiality, the more work that is required

d. Materiality is determined during the execution phase of the audit

e. Materiality is determined based on the level of audit risk