Materiality in Auditing(Discuss these abstracts in the context of Essay

Materiality in Auditing(Discuss these abstracts in the context of academic research and recent developments in audit regulation and practice) - Essay Example 1647). These definitions point to its relevance today especially in the recent drive for transparency, ethics and responsibility in the auditing process, which will be explored, among other things, in relation to materiality in auditing. Audit pertains to a review of financial data by an independent third-party auditor. The outcome of the process involves his or her financial statements, including his or her opinion regarding the legitimacy of the data reviewed. Materiality becomes relevant in auditing when risk emerges. This risk usually stems from errors or omissions in financial reporting. The impact is based on the degree by which it affects the decision making of those who use the information from the financial statements. For instance, a small error or omission in a periodic procedure could lead to a cumulative risk that could greatly influence the financial information since there is the possibility that it occurs on periodic basis. The importance of materiality can be demonstrated in the process by which it is conducted (see Fig. 1). Ideally, all audit procedures should undergo materiality considerations from the very first stage. According to Bragg (2011), as early as the identification of the nature, timing and extent of the audit procedure, materiality should already be determined. Specifically, it should be undertaken in: 1) the design of audit procedures for mechanisms to detect misstatements; the pursuit of the elimination of audit risk; and, the assessment of the risk of material misstatement as the basis for the audit procedures (Bragg, pp.25). These variables underscore how materiality forms part of the foundation of sound audit procedures, one that is capable of addressing errors and risks. The defined object of audit underscores this as auditors are expected â€Å"to carry out procedures designed to obtain sufficient appropriate audit evidence†¦ [in order]

Emergence of Global Markets (BUS 250) Essay Example | Topics and Well Written Essays - 750 words

Emergence of Global Markets (BUS 250) - Essay Example Technological developments have been immense over the years in all sectors. There are a number of advantages and disadvantages. This essay aims at understanding the effects of technological developments. Technology can be a rather empowering at times but often can also be very frustrating. The computer related technology is becoming one a very important part of the society, and the usage of these technologies has increased a lot over the past few years. With the introduction of Internet there has been a great improvement in the overall lives of many. Internet has infiltrated almost every aspect of life, making it a necessity rather than a luxury. The internet has to a great extent provided a strong ability for globalization. As discussed, the technological developments have been immense over the years in all sectors. The technological developments over the past few years have been immense in almost every field. These developments have been clearly noted a transformation in the commun ication, transport and travel industries and has also led these industries towards a converging harmony. The technological development has been able to push and force attention to the isolated ‘Third World’ Societies into contact with the products of modernity and globalised products. As mentioned earlier, the access to higher and more advanced technology has led to the ability for the industrial activities to flow easily within the markets. It has also provided a chance to allow for better and more flow of finances across the industries. Also it allows for hampering the national government controls. This in simpler terms means that the companies are able to now take on a different approach. Instead of providing customized items, companies have now led to developing more standardized products to meet the global standards. The focus is to provide