Aspects of Materiality: A Continuing Education Report Essay -- Account

Introduction The concept of materiality provides a topic for continuing educational discussion that many firms across the country find essential to the development of their audit staff. Measuring and using materiality to obtain desired results during an audit becomes the responsibility of the staff member of a CPA firm. Partners and managers of a firm typically allow the staff member to use his/her judgment when applying this concept during the fieldwork of an audit. The overall success of an audit relies at least in part on the materiality concept; therefore, staff members’ continuing education on the concept becomes important and necessary. This report will define the term materiality, determine how to measure materiality, and explain the importance of the concept to the field of auditing. Defining Materiality The utilization of the concept of materiality in auditing dates many years. Varying definitions of materiality during the preliminary stages of utilization prove that auditors recognized a need for this concept but did not have a standard for defining the term. The recognition by the Financial Accounting Standards Board (FASB) of the need for this concept prompted a decision to determine a universally recognized definition of materiality. In the book, Auditing Concepts for a Changing Environment, the FASB defines materiality as, â€Å"the magnitude of an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement† (Rittenberg and Schwieger 2001, 92). In essence, the concept helps auditors determine the financial information that... ...ff must understand the definition of the concept, determine the process for measuring materiality, and have a concrete understand of the importance of the concept when auditing a company’s financial statements. Works Cited Rittenberg, Larry E., and Bradley J. Schwieger. Auditing Concepts for a Changing Environment, 3rd ed. Harcourt College Publishers, 2001. Sauer, Richard C., â€Å"The Erosion of the Materiality Standard in the Enforcement of the Federal Securities Laws.† Business Lawyer 62, no. 2 (February 2007): 317-357. Gordeeva, Mayya, â€Å"Materiality in Accounting.† Economics and Management 16, 2011: 41-47. Messier, William F., Jr., Nonna Martinov-Bennie and Aasmund Eilifsen. â€Å"A Review and Integration of Empirical Research on Materiality: Two Decades Later.† Auditing: A Journal of Practice and Theory 24, no. 2 (November 2005): 153-187.

Benefits of Trees

Produce oxygen and absorb carbon dioxideTrees are necessary for our survival. Through photosynthesis trees produce the gas that we cannot live without: oxygen (O2). As we breathe in, our bodies take in oxygen and when we breathe out, we release carbon dioxide (CO2). Trees do the opposite. They take in CO2 and release O2. This cleans the air by removing harmful CO2 so that people and animals can breathe.Moderate temperature and rainfallTrees help cool the earth’s tempearature.Trees are like natural air conditioners and water pumps. They cool the earth by giving shade and recycling water. By cooling the air and ground around them, the shade from trees helps cool the earth’s temperature overall. Trees also help moderate the earth’s rainfall, which also helps keep the temperature cooler. If you are at the beach and you come out of the water in a wet bathing suit and lay in the sun, the sun’s heat removes the water from your bathing suit and soon you are dry. T his is called evaporation: when water is removed by heat. Forests help to make sure we get rain. Trees absorb a lot of water from the soil for nourishment. Later, when the sun shines on the trees, water is released from the leaves and absorbed back into the atmosphere – just like the water is absorbed from our bathing suits. When the sun’s energy removes water from the earth’s surface, the water collects into clouds, and when the clouds are heavy with water they release rain back to the earth. Provide food, medicine, shelter and warmthCork used in a cork-board.Every day we use or eat something that has come from a tree. Think about the paper we write on, the pencils we use and the furniture we sit on – they all came from trees. The uses of wood are virtually endless. In addition to being processed into products, trees are also cut down so their wood can be used as fuel to cook food and heat homes. But we don’t always have to cut down a tree to be a ble to make something from it. The rubber that you find on soles of your shoes is made from sap that comes from a type of tree found in Brazil, India, China and Southeast Asia. Cork is the bark of the evergreen cork oak found in the Mediterranean region. Cork has the ability to contract when squeezed and then expand back out again. The evergreen cork  oak is one of the few trees that does not die when its bark is removed.Coconuts on a palm tree.What about the things we eat? How many different fruits or nuts can you think of that come from trees? What about the maple syrup we like to eat on our pancakes? Sap is tapped from the sugar maple to make maple syrup. And did you know that cinnamon comes from the bark of a tree that grows in India?Willow away the pain! The active ingredient in acetylsalicylic acid (Aspirin) originally came from the bark of a willow tree. There are also many plants that have life-saving properties. About $30 billion is spent every year in Canada on prescript ion and non-prescription drugs that contain active ingredients that come from forests. Illnesses such as malaria, hypertension, heart disease and cancer are all treated with medicines made in part from plants. Support biodiversityForests are communities full of organisms that depend on each other for survival. We call these communities ecosystems. All parts of a forest ecosystem and the interactions between them are needed for the health and well-being of all. Forests offer food, water, shelter and protection for an incredible array of wildlife. The term â€Å"biodiversity† is used to describe the variety of life. This variety is what an ecosystem depends on. It is helpful to think of an ecosystem as a woven carpet; if you pull on a loose thread, it might only affect the thread and those closest to it or it might unravel the whole carpet. Benefits of Trees Produce oxygen and absorb carbon dioxideTrees are necessary for our survival. Through photosynthesis trees produce the gas that we cannot live without: oxygen (O2). As we breathe in, our bodies take in oxygen and when we breathe out, we release carbon dioxide (CO2). Trees do the opposite. They take in CO2 and release O2. This cleans the air by removing harmful CO2 so that people and animals can breathe.Moderate temperature and rainfall Trees help cool the earth’s tempearature.Trees are like natural air conditioners and water pumps. They cool the earth by giving shade and recycling water. By cooling the air and ground around them, the shade from trees helps cool the earth’s temperature overall. Trees also help moderate the earth’s rainfall, which also helps keep the temperature cooler. If you are at the beach and you come out of the water in a wet bathing suit and lay in the sun, the sun’s heat removes the water from your bathing suit and soon you are dry.T his is called evaporation: when water is removed by heat. Forests help to make sure we get rain. Trees absorb a lot of water from the soil for nourishment. Later, when the sun shines on the trees, water is released from the leaves and absorbed back into the atmosphere – just like the water is absorbed from our bathing suits. When the sun’s energy removes water from the earth’s surface, the water collects into clouds, and when the clouds are heavy with water they release rain back to the earth. Provide food, medicine, shelter and warmthCork used in a cork-board.Every day we use or eat something that has come from a tree. Think about the paper we write on, the pencils we use and the furniture we sit on – they all came from trees. The uses of wood are virtually endless. In addition to being processed into products, trees are also cut down so their wood can be used as fuel to cook food and heat homes. But we don’t always have to cut down a tree to be a ble to make something from it.The rubber that you find on soles of your shoes is made from sap that comes from a type of tree found in Brazil, India, China and Southeast Asia. Cork is the bark of the evergreen cork oak found in the Mediterranean region. Cork has the ability to contract when squeezed and then expand back out again. The evergreen cork  oak is one of the few trees that does not die when its bark is removed.Coconuts on a palm tree.What about the things we eat? How many different fruits or nuts can you think of that come from trees? What about the maple syrup we like to eat on our pancakes? Sap is tapped from the sugar maple to make maple syrup. And did you know that cinnamon comes from the bark of a tree that grows in India?Willow away the pain! The active ingredient in acetylsalicylic acid (Aspirin) originally came from the bark of a willow tree. There are also many plants that have life-saving properties. About $30 billion is spent every year in Canada on prescripti on and non-prescription drugs that contain active ingredients that come from forests. Illnesses such as malaria, hypertension, heart disease and cancer are all treated with medicines made in part from plants.Support biodiversityForests are communities full of organisms that depend on each other for survival. We call these communities ecosystems. All parts of a forest ecosystem and the interactions between them are needed for the health and well-being of all. Forests offer food, water, shelter and protection for an incredible array of wildlife. The term â€Å"biodiversity† is used to describe the variety of life. This variety is what an ecosystem depends on. It is helpful to think of an ecosystem as a woven carpet; if you pull on a loose thread, it might only affect the thread and those closest to it or it might unravel the whole carpet.

Economic Consequences Of The Black Death - 1471 Words

2. Outline the main short-term and longer-term economic consequences of the Black Death. Which was the most significant? The devastating consequences of the Black Death, which was at its peak between 1346 and 1353, did not cease after the period had ended. The Black Death caused the death of about a third of Europe’s population, with some places, such as Florence losing as much as two thirds of its population. With a smaller population, Europe saw a short-term rise in jobs available for peasants and, with labourers needing to compete to keep the few workers they had, a subsequent rise in their wages. Further, for many peasants and others who did not own land, living conditions improved, as with more housing available, and with more†¦show more content†¦However, each of the short-term and long-term consequences did not occur in isolation. Rather, they occurred one after the other, with each new consequence having been affected by the one before it. It is in this sense, then, that each of the consequences of the Black Death were equally significant in fuelling the change in economy throug hout Europe. 4. What is the â€Å"principle of attachment†? Give two examples of how it functioned in the exploration of the New World. The principle of attachment, as first noted by the historian Anthony Pagden, is able to be identified in many primary sources from the period of exploration. The principle of attachment occurs when a known, understood and believed action is combined with an unknown action that is foreign to the person employing it. This is often done in order to reconcile new actions, or places, with the person’s own beliefs. In the exploration of the New World, the principle of attachment occurred largely due to the concept of ‘otherness’. This is because, the European view of native peoples as uncivilised, bestial, and savage made the use of native techniques unlikely, even when the native methods appeared effective. Instead, the steps in Pagden’s principle of attachment were employed so that explorers could thrive in a new land, while continuing to embody European ideals.Show MoreRelatedEssay on Economic Effects of the Black Plague in England1748 Words   |  7 Pagesma turation of manorial agriculture, and a burgeoning population. Consequently, the fourteenth century spawned war, famine, disease and economic decay, leading to what many historians believe to be the end of the Middle Ages. Although there were many contributing factors such as famine, collapsing institutions and war. Many historians believe the arrival of the Black Death to England in 1348 was the final straw, and the most impactful agent of change in that area. In a letter to his brother, PetrarchRead MoreThe Black Death : The Black Death Of The 14th Century868 Words   |  4 Pagesfall down. This common nursery rhyme had a shockingly darker meaning than people realize, as its based on the Black Death. 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