responds 6
Question 1
Early on in any audit, the term "materiality" must be defined for that specific audit client. How is materiality determined and how that determination is used to arrive at "Tolerable Misstatement"?
Respond to this… The auditor's determination of materiality is a matter of professional judgment and is affected by the auditor's perception of the financial information needs of users of the financial statements. “Tolerable misstatement (performance materiality) is the base for determining the lower limit for individually significant items in the financial statements taken as a whole, ranging from 10 percent to 100 percent of tolerable misstatement, depending high risk or low risk respectively. For engagements with higher risk of material misstatement at the financial statement level, individually significant items will generally be those account balances, transactions or general journal entries in excess of 10 percent to 30 percent of tolerable misstatement. When risk of material misstatement at the financial statement level is lower, a percentage of up to 100 percent may be used for determining individually significant items. When risk is low at the financial statement level, the lower limit may be commonly calculated at 80percent to 90 percent of tolerable misstatement; moderate risk calculations maybe 50 percent to 60 percent of tolerable misstatement and high risk 20 percent to 30 percent” (Perry. 2014. Para. 7).
Perry, L. (2014) Auditing Special Purpose Framework: Materiality Levels. AccoutningWEB. Retrieved from http://www.accountingweb.com/aa/auditing/auditing-special-purpose-frameworks-materiality-levels
Question 2
So far in your Seminar courses, you have considered how communication, critical thinking, and information literacy skills can provide an advantage to you in the job application and interview process, and can help make you a better professional in your future career field.
As we look ahead to the final Seminar course, our focus shifts to diversity awareness. Share your thoughts about the following questions regarding this very important skill: What does diversity awareness mean to you? How does someone demonstrate a high level of awareness in your career field? Why do you think it is so critical for employees in your future profession?
Respond to this… My personal definition of diversity awareness means having a respect and understanding of a different culturres other than your own.
In nursing, someone who has a high level of diversity awareness is someone who is able to care for and respect the patient’s wishes even if their decision are based on a culture that is not the same as the nurse’s cultural background. For example, if a patient who is Jehovah’s witness comes to the emergency room needing a blood transfusion but refuses treatment it is the nurse’s responsibility to respect their wishes, gain an understanding of why the they are rejecting treatment, and attempt to find an alternative treatment that satisfies their cultural beliefs.
Diversity awareness is an important quality to have in everyday life but especially in the career of nursing. As a nurse it is important to have a high level of diversity awareness in order to gain the trust of the patient and form a good nurse-client relationship, which allows us a nurses to perform high level quality care.
Question 3
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This is a three-part discussion activity. 1. Post your comments on the following questions: · Should we remove all barriers to immigration into the United States? What would be the outcome? · If we could let in an extra hundred thousand immigrants every year, should we favor certain immigrants over others? Why? 2. After posting your responses to the above questions, read the article at the web site indicated below: Impact of Immigration on a Different America ( http://www.cis.org/articles/1999/sac2-2-99.html ) 3. Make another post regarding your previous views. This post should be a thread or response to your original post. In your response, address the following: · Have your views changed? · Do you agree or disagree with the article? · Is there a relationship between immigration and U.S. labor productivity? Why? Respond to this… I do not favor removing the barriers to immigration in the United States. If we as a nation were to do this, I feel that there would be an overload of uneducated, unskilled, and less needed (for society) individuals. I am not claiming that immigrants are any of those things as a whole but there certainly is a majority that would be a burden to our society. Yes there are a great deal of people who have immigrant backgrounds that became great people within our societies and big contributors to our nation. However, immigrant families are generally taken into jobs that are of lower income because of their (often times), lesser education level. Taxes are paid more by higher status individuals in society while the lesser class (lowered paid workers) contribute to more of the consuming of goods and services in our country. Put this into effect for more people over a period time and there will not be enough money for the rich to pay in order to keep up with the consumption of the lesser paid individuals. I do not think we should increase to another 100,000 immigrants being accepted per year. I think the selection process should be in place to ensure that families are coming to our nation as contributors and not just consumers. I am all for immigration, after all our country was built on the backs of immigrants. But, I think times were different in years past and these days the need for cheaper labor for construction or railroad working is not in as high of demand. This leads to more out of work unskilled, uneducated immigrants looking for work and places to live. The flip side- Immigrants who come into our country that are of higher education come ready and able to work. This is a bonus to our nation because the U.S. gets to reap the benefits of the immigrants education that the immigrants home country footed the bill for. I think our immigration policy needs to have more of a business mindset to it so that we are letting in people who can assimilate as well as contribute to our nation. We have a great nation but in order to keep it, we need to hold on to our way of life. This is why I suggest people who are willing to assimilate. Surely a person can have pride for their homeland, just don't wave your flag claiming your country is better than America. If it is so much better, go back. Again, I am 100% for immigration. Just not for handouts or easy rides for others to drag down our nation. So yes, I think we should favor some immigrants over others. Allow more people who can come educated or show that they will be a benefit to our nation. With that said I'll add that I think there should also be allowances for some who may not have the education but are indeed ready to work and contribute.
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Question 4
Revisit a musical piece that you have not listened to in at least 5 years. Explain how this piece "sounds" different to you now compared to when you first heard it.
Remember to share the:
· Title of the song or musical piece
· Artist or composer
· Year the song or piece was made
· Genre of music the piece falls under
Respond to this… Ok so I went back to the late 80's when I thought I knew everything including good music.
Song: Big mouth Strikes Again
Artist: The Smiths
Year: 1986
Genre: Alternative Rock
In the 80's and 90's I was a teenage punk and thought I knew what good music was. At the time the Smith and The Cure was about as good as it got for me. The music had so much meaning to a teenager. Well after listening to it again after much more than five years I see that the music has very little meaning, at least to me anymore. The sound brings back good memories but the lyrics are shallow and meaningless. This music compared to today rock is no different though, the lyrics are still no more deep than they were in the 80's and the sound is still rock.
It was strange to listen to something that I thought was so amazing and important to me and who I was when I was a teen and realize that it was just music, not even very good music.