Cycle time is the total time needed to complete a business process

According to the text, the first step in applying materiality to an audit is

A) To determine tolerable misstatement for each account balance. B) To determine a materiality level for the overall financial statements. C) To aggregate the misstatements found in each account and determine their overall affect on the financial statements. D) To ask management what constitutes a material amount in their business.

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Indicate whether the statement is true or false