Final answer:
The statement "In planning the audit of Internal Control over Financial Reporting, the auditor uses the same materiality considerations that are used in planning the audit of the financial statements" is False. Option B.
Step-by-step explanation:
The statement is FALSE. While materiality considerations are used in planning the audit of the financial statements, they are not used in planning the audit of Internal Control over Financial Reporting (ICFR) in the same way.
ICFR audits focus on assessing the effectiveness of controls in place to prevent and detect material misstatements in the financial statements.
The auditor's goal is to ensure that the controls are designed and operating effectively, rather than determining materiality levels.
Materiality considerations come into play when determining the nature, timing, and extent of substantive tests to be performed during the financial statement audit.
Therefore, the auditor uses a different approach and considerations when planning the audit of ICFR compared to the audit of the financial statements.
Hence, the statement is False. Option B.