Materiality vs Audit risk, Detection risk

Dear Mr Garrett, There are some matters relating to Materiality and Risk I would like to revise: - I read 2 versions of ISA 320 (2004 vs 2009-also the latest, if I remember correctly). The later version removed the "inverse relationship" between Materiality and Audit risk (AR). So does it mean that this relationship is no more considered to be correct? - I would like to know in audit process, auditors determine level of Materiality or AR first? I mean: Materiality decides AR or AR decides Materiality? OR AR level is generally fixed (says, 5%) and value of Materiality, which auditors judge and set, actually decides the required Detection risk instead? PS: Currently I am understanding that the Materiality is determined first, depending on the how sensitive are users of financial statements. Thank you in advance!