Materiality for the financial statements as a whole is determined:
AAt the completion stage only
BAt the planning stage and revised if circumstances changeCORRECT
CBy the client's management
DBy reference to the audit fee
ICANAudit & AssuranceAudit Planning and Materiality2021
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Why the answer is B, and why the others tempt you.
Materiality is set during planning to guide the nature, timing and extent of procedures, and is revised where the auditor becomes aware of information that would have led to a different figure initially.
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