An auditor is planning the audit of a nonissuer. Which of the following statements BEST describes the concept of 'performance materiality'?

The maximum error in a population that the auditor is willing to accept.

An amount set by the auditor at less than materiality for the financial statements as a whole to reduce the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.

The amount below which misstatements are considered clearly trivial and do not need to be accumulated.

The materiality level determined for specific classes of transactions, account balances, or disclosures.