Which of the following statements is usually true?
◦ Materiality is easy to quantify.
◦ Fraudulent financial statements are often easy for the auditor to detect, especially when there is collusion among management.
◦ Reasonable assurance is a low level of assurance that the financial statements are free from material misstatement.
◦ An item is considered material if it would likely have changed or influenced the decisions of a reasonable person using the statements.