Difference between material, materiality level and performance materiality

The meaning of material is: an item is material if its inclusion or omission would affect the view of the financial statements in the mind of an informed reader

The materiality level is the value attributed to the client’s records. It is set by the senior in charge, the audit manager or even the partner in charge. It’s a dollar amount below which any errors are acceptably small and would not require the auditor to request that management correct their draft financial statements

Performance materiality is again a dollar amount, again determined by the senior in charge, the audit manager or even the partner in charge, but is set at an amount lower than the audit materiality level. The idea is that an aggregation of items that individually fall below the materiality level could, when considered as a whole, surpass that materiality level

How did you get past F8?

OK?