On what basis performance materiality is set and what are the criteria to set it or change it? If you want to change it what things are to be kept in mind?

“The amount set by the auditor at less than materiality for the financial statements as a whole to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.” The performance materiality aims to reduce the impact of materiality. performance materiality…...