Materiality is an important concept to consider for sampling. How does all of this relate to the tolerable exception rate? Is there a role between materiality and the exception rate? Does it affect the technique used to pull a sample? You certainly wouldn't want to perform testing on a small balance, so materiality is important in this regard. Determining whether or not an error is worth restating requires materiality considerations as well.

Can a tolerable misstatement be considered material or immaterial? How is that determined?