 In this presentation, we will discuss materiality, determination, or in other words, how to determine materiality. As we go through this, note that we're still really in the planning of the audit stage. And when we break out the audit, we broke out the audit into stages. We're thinking about this in the stages. We had the client acceptance or continuance. We had the preliminary engagement activities. We got the planning of the audit. Then we consider an audit internal controls. Then we go through those audit business process and related accounts, those substantive tests. Then we complete the audit and finally evaluate results and issue the audit report. Important to keep that in mind. We're typically here, we're focusing here mainly when we're thinking about the evaluation of materiality at the beginning of the audit. So as we go through the audit, we have an idea of what those materiality levels will be, allowing us to better plan the audit and then execute that plan through the audit process. So then first, what is materiality once again?