Which of the following is a false statement about materiality?

An auditor considers materiality for planning purposes in terms of the largest aggregate level of misstatements that could be material to any one of the financial statements.

The concept of materiality recognizes that some matters are important for fair presentation of financial statements in conformity with GAAP, while other matters are not important.

An auditors consideration of materiality is influenced by the auditors perception of the needs of a reasonable person who will rely on the financial statements.

Materiality judgments are made in light of surrounding circumstances and necessarily involve both quantitative and qualitative judgments.