Materiality is set at $60,000 for CookC a large public company. CookC averages $20,000 transactions per month and $46,000 of these transactions are at or above the company's materiality standards....

Materiality is set at $60,000 for CookC a large public company. CookC averages $20,000 transactions per month and $46,000 of these transactions are at or above the company's materiality standards. There have been no errors or irregularities noted by company management. Is the materiality level appropriately set for CookC? Please explain the logic of your answer and thinking process.