is there a difference between "relevancy" and "materiality"? How would you articulate the distinction?
There are subtle differences between relevancy and materiality. Both of these terms are used for evidences in a legal proceedings. However we should understand the differences.
An evidence become material if it relates to one or more element of the case. For example, if we consider a case of negligence (tort) then the elements that are needed to establish tort are presence of duty, breach of duty, the causation, and damage. If an evidence provides support for any of these elements it is considered a material evidence.
An evidence becomes a relevant evidence if it increases or reduces the chance of ruling in either direction. For example, (let us consider the negligence situation again) if an evidence shows that the presence of duty can be debated then it reduces the chance of a material evidence making an impact. This reduces the chance of ruling in defendants favor and it becomes a relevant evidence.
Overall, a relevant evidence is action/consequence based. Whenever we present a relevant evidence it improves or reduces the chance of winning. On the other material evidence may be used to establish the scenario only.
is there a difference between "relevancy" and "materiality"? How would you articulate the distinction?
What is the difference between sex and gender? Why is it important to understand this distinction?
What is the difference between social responsibility and managerial ethics? Why is this distinction important?
Describe materiality and how auditors assess and identify materiality. Contrast between Operation Audit, Compliance Audit, Financial Statement Audit. Provide examples from a publicly-traded company.
Suppose there are two identical gold bars that you own. The only difference between them is how you acquired them. One bar was won as a prize, the other you purchased. What is the difference in the cost of retaining ownership in the two bars? Explain. (hint: recall the distinction between accounting and opportunity costs). Will there be any predicted difference in the use of the bars? Explain.
Explain how the levels of acceptable audit risk and materiality you selected in this assignment might affect the remainder of the audit. Specifically, what effect would lower levels of acceptable audit risk and materiality have on the audit compared to the levels you selected?
Define materiality as it is used in Chapter 7 ( Earnings Management) . How does materiality come into play when assessing financial statement restatements? Other than materiality, what is the one word that might be the most distinguishing factor between ethical earnings management and unethical earnings management?
How would you describe the difference between an annual report and a complete set of financial statements?
What would a Constructivist say about the distinction between material and ideational national interests?
When setting prices, what is the difference between how you would take into account an incremental fixed cost and how you would take into account a fixed cost that is not incremental?
How would you determine if this represented a real difference in enzyme activity between students, as opposed to a pipetting error or other error?