Public vs. Investors Perception on Materiality Term Paper

Public vs. Investors Perception on Materiality - Term Paper Example The main purpose of performing an audit on financial statements is to help the auditor to put forth an instant judgment as to whether the financial statements are duly organized in accordance with the recognized financial reporting systems like the GAAP (Generally Accepted Accounting Principle). The perception of materiality assessment is highly dependent on the expatriate opinion. According to FASB (1975), "material information is that whose omission or misstatement could influence the economic decision of stakeholders to the financial statements. Materiality is dependent on the size of the item or error judged in the particular scenario of its omission or misstatement. Materiality provides a threshold or cut-off point rather than being a primary qualitative characteristic whose information must have if it is to be useful." Public vs. Investors Perception on Materiality The public and the private investors have different perceptions on materiality. The entry of auditor’s mate riality is perceived as proprietary data by numerous certified public accounting companies as they are not normally reported to the public (Ryan, 2004). Numerous regulators and scholars have suggested that the auditors must be asked to give a report on materiality entry to the users of the financial statements in their report of audit. ... This stand by FASB regarding materiality has compelled scholars to investigate the opinion of organizers, users and auditors of the statements of finance where most of these researches uncover that there is an anticipation break amongst the users and auditors of the statements of finance as to what that amount to a material misstatement. The expectation break has the implication that the criterion of materiality entirely used by auditors to describe and perform materiality is essentially unique from that used by the users of buyer financial statements. The absence of consistency in materiality opinion limits the users from being knowledgeable in regard to misstatements or omission of items they feel to be material in the financial statements. In this regard, the position taken by the FASB and the â€Å"expectation void† in materiality opinion consequently made scholars and regulators suggest that materiality by auditor’s entry to be reported to the public. The normal al legation is that revealing of the auditor materiality entry would give the users the information of the extent of suitable error or misstatement in the buyer statements of finance and finally, minimize the disparity of materiality decisions by the users and auditors (Fields, 2011). The users of the public financial statements would also be in a position to substantially make use of the auditor materiality entry to evaluate the degree of dependence they can allocate on the audit to ascertain that public financial statements are independent from material misrepresentation. Therefore, it is claimed that the revelation of auditor materiality entry might assist in creating a high agreement amidst the public anticipation of the auditor, including its judgment of the performance by

I have dream speech by Martin Luther King Research Paper

I have dream speech by Martin Luther King - Research Paper Example The history of modern America presents Dr. Martin Luther King as heroic leader, and one of the leaders of the Big Six civil right movement governing who were the architects in the organization of the March on Washington for Jobs and Freedom, which took place on August 28, 1963 (Vail, 2006). The march made specific demands: an end to racial segregation in public institutions, civil right reforms, including protection of workers from police brutality; self-government for Washington D.C. then rule by congressional committee. This march was the most gathering of protesters in Washington history at the time and still has an enormous amount of political and social influence up to present day. The purpose for my research is to examine the decisions that were made before the march took place in Washington D.C. The â€Å"I have a dream’’ speech has become a replica for many public speakers who seek large audiences to encourage social change by delivering a pretentious speech in large audience settings. King‘s speech electrified the 250,000 people that went to see the speech, which is regarded along many American President public speeches. Furthermore, many metaphorical scholars have recommended the speech as one of the deluxe speeches in the American history . Terminologies from previous class lectures will be discussed from Dr. King â€Å"I Have a Dream† speech. Social aspects including workers’ rights, polices’ viciousness and institutions’ isolation will be analyzed.... King‘s speech electrified the 250,000 people that went to see the speech, which is regarded along many American President public speeches. Furthermore, many metaphorical scholars have recommended the speech as one of the deluxe speeches in the American history (Collins, 1999). Terminologies from previous class lectures will be discussed from Dr. King â€Å"I Have a Dream† speech. Social aspects including workers’ rights, polices’ viciousness and institutions’ isolation will be analyzed. I will be also examining the goal the speech was intended to achieve at the time and how affective or ineffective it was or had since the speech was delivered. The main purpose I chose Dr. Martin Luther King Jr. was because I strongly supported his fight to end racism, classism, poverty, police brutality, government corruption, and unequal resources and services distribution. Personally as a black man myself, born in the African continent, I relate enormously with mos t of the issues Dr. Martin Luther King fought and defended. Dr. King’s â€Å"I have a Dream† speech opens door to many controversial issues concerning people of color and others’ minorities were facing at the time and still facing today. Even though, many of these issues have improved over the years, a lot remain to be accomplished, in order to fulfill King Dream. It is imperative to note that, the speech was delivered during a highly tensed time, when Africans and black American were not allowed to express their views. During this time the Negroes were regarded as the second level or class human beings who were attributed to injustices like forced human labor, taxes racial segregation and impartial