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The concept of materiality is applied by the auditor both in planning and performing the audit, and in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements and in forming the opinion in the auditor’s report. [11]
Its materiality can, in some ways, be linked to the concept of determinism, as espoused by Enlightenment thinkers. [3] Despite the large number of philosophical schools and their nuances, [4] [5] [6] all philosophies are said to fall into one of two primary categories, defined in contrast to each other: idealism and materialism.
In the social sciences, materiality is the notion that the physical properties of a cultural artifact have consequences for how the object is used. [1] Some scholars expand this definition to encompass a broader range of actions, such as the process of making art, and the power of organizations and institutions to orient activity around themselves. [1]
Materiality in architecture is a concept or the applied use of various materials or substances in the medium of building. [1] This concept was previously regarded as a secondary consideration in architecture but recently emerged as an important element due to advances in digital fabrication and digital science.
Leonardi [16] explains the reason for sociomateriality's existence: '(a) that all materiality (as defined in the prior section) is social in that it was created through social processes and it is interpreted and used in social contexts and (b) that all social action is possible because of some materiality' (p. 32). The emergence of the term ...
Materiality can refer to distinct concepts in different professions and areas of study: Materiality (architecture) Materiality (auditing), relating to the importance of an amount, transaction, or discrepancy; Materiality (digital text), refers to the physical medium used to store and convey the text
In accounting, the convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains.It states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected.
Materiality is particularly important in the context of securities law, because under the Securities Exchange Act of 1934, a company can be held civilly or criminally liable for false, misleading, or omitted statements of fact in proxy statements and other documents, if the fact in question is found by the court to have been material pursuant ...