Pros and Cons of Part-Time MBA Programs

Pros and Cons of Part-Time MBA Programs There are many different types of MBA programs - from part-time and full-time programs to accelerated and dual programs. A part-time MBA program is designed primarily for students who are only able to attend class part-time. It is important to understand that the words part-time dont mean barely any time. If you commit to a part-time program, you will still need to make a significant time commitment to school - even if you dont have to attend class every single day. It is not unusual for part-time students to spend more than three to four hours each day on MBA schoolwork and activities. Part-time MBA programs are popular. More than half of all MBA students attend school part-time, according to a recent study from the Association to Advance Collegiate Schools of Business  (AACSB). But that doesnt mean that part-time study is for everyone. Before you commit yourself to earning your degree through part-time study, you should be aware of all of the pros and cons of part-time MBA programs. Pros of Part-Time MBA Programs There are many advantages to studying part-time. Some of the biggest pros of part-time MBA programs include: Part-time MBA programs are more flexible for working professionals; classes are usually scheduled outside normal business hours.Some part-time MBA programs require fewer course credits than their full-time counterparts.Part-time programs are typically favored by employers who offer  tuition reimbursement.Many part-time MBA programs schedule courses all year long.Part-time programs tend to cause less strain financially because tuition is sometimes cheaper.Part-time MBA students can apply what they learn as they learn it.There are many high-quality part-time MBA programs inside and outside the United States. Read more about the best part-time MBA programs. Cons of Part-Time MBA Programs Although there are advantages to part-time MBA programs, there are drawbacks as well. The biggest cons of part-time MBA programs include: Not every school offers a part-time MBA program, which means you may not be able to attend your first school of choice.Some part-time programs offer fewer course selections than their full-time counterparts.Part-time programs require fewer class hours each week but sometimes take as long as two to five years to complete.Credits that are earned through a part-time MBA program are not always transferable to other programs.Many part-time MBA programs schedule courses all year long.Working while you earn your part-time MBA can be exhausting - especially if it will take you more than two years to earn your degree.Not all part-time MBA programs offer a study abroad option or international experience, which is increasingly valuable in todays global business world. Should You Study Part-Time? Part-time programs may be the perfect solution for students who want to work while they earn their degree, but they arent for everyone. Be sure to take time to evaluate all of your business degree program options, including accelerated MBA programs, specialized masters programs, and executive MBA programs, before you commit yourself to any one program option.

Oreopithecus - Facts and Figures

Oreopithecus - Facts and Figures Name: Oreopithecus (Greek for mountain ape); pronounced ORE-ee-oh-pith-ECK-us Habitat: Islands of southern Europe Historical Epoch: Late Miocene (10-5 million years ago) Size and Weight: About four feet tall and 50-75 pounds Diet: Plants, nuts and fruit Distinguishing Characteristics: Longer arms than legs; monkey-like feet About Oreopithecus Most of the prehistoric primates that preceded modern humans led lives that were nasty, brutish and short, but this doesnt appear to have been the case with Oreopithecusbecause this chimpanzee-like mammal had the good fortune to live on isolated islands off the Italian coast, where it was relatively free from predation. A good clue to the comparatively trouble-free existence of Oreopithecus is that paleontologists have unearthed about 50 complete skeletons, making this one of the best understood of all ancient apes. As so often happens with animals restricted to island habitats, Oreopithecus possessed a strange mix of features, including strong, gripping, monkey-like feet, an ape-like head with teeth reminiscent of the earliest humans, and (last but not least) longer arms than legs, a clue that this primate spent much of its time swinging from branch to branch. (Theres also some tantalizing evidence that Oreopithecus may have been able to walk upright for short periods of time, which has thrown a wrench into the usual timelines for hominid evolution.) Oreopithecus met its doom when plunging sea levels connected its islands with the mainland, whence its ecosystem was invaded by the mammalian megafauna of continental Europe. By the way, the name Oreopithecus has nothing to do with the famous cookie; oreo is the Greek root for mountain or hill, though this hasnt prevented some paleontologists from affectionately referencing Oreopithecus as the cookie monster.

Explain the significance of legal personality. as part of your Essay

Explain the significance of legal personality. as part of your explanation you should identify why certain categories of people - Essay Example Consequently, some humans are assigned the label of limited legal personality, having limited rights in comparison with other humans. For example, law does not allow a bankrupt to become a director of a company, or a magistrate or a Member of Parliament. Also, mentally ill person has an insufficient legal capacity; consequently, he or she is disallowed to enter into a contractual relationship with any party. In the following pages, this paper is going to explain natural and artificial legal personalities and limitations on some legal personalities. Natural legal personality with beginning and end of life A natural legal personality comes with certain legal rights and obligations. Such legal rights are assigned to natural persons who qualify to have a legal capacity. The legal capacity is considerably helpful while deciding the rights and duties; depending on different social roles such as father and husband, employer and employee, voter and householder. However, law on the basis of o ccupation, age, sex, income, nationality and other relevant identifications that can be considered appropriate and relevant by the law makers, ascertain legal rights and obligations. Legal rights can only be assigned to living persons. However, some law makers may argue that an unborn foetus can have life as he or she can breathe. But, still the law has not assigned the legal status to an unborn foetus of being a legal person. Law has not defined death. There is not an exact definition that can bring an end to a natural legal personality. In history, heart beating has been used to ascertain the occurrence of death when the heart beating stops. However, the latest medicine advancement has also ensured the functioning of heart with the use of machine. Case law: R v Malcherek and Steel [1981] 1 WLR 690 Facts: A woman was stabbed by a man. She was kept alive with the help of a life-support machine, however her brain was dead. Held: Lord Chief Justice Lane, in the Court of Appeal, define d death. In the verdict, the Lord Lane remarked that death legally occurs when by the irreversible death of the brain stem, whose function is to direct the basic body function like breathing. After death-legal personality Law has not defined an unlimited type of natural legal personality. And, this limited legal personality is relevant even after the occurrence of death. The testator, a person who wrote the will, may be allowed to receive the same legal rights after his or her death in case he or she wants to distribute property according to the wishes. The court will ensure the according implementation of the terms mentioned in the will document. In this way, a possibility of dispute is considerably reduced which normally occurs in the process of property sharing. Natural legal personality: limitations Some legal personalities have limitations. And these limitations do not allow them to have the same sort of legal rights and duties given to other persons. It is their insufficient l egal capacity that disallows them to enter into a legally binding contractual relationship. Bankrupts A person who is unable to pay liabilities is declared as bankrupt by the court. As a result of such bankruptcy, the person is disallowed to become an MP, or a magistrate, or a director of a company. Mentally ill Mentally ill person has an insufficient legal capacity to understand the resultant implications of his actions. Consequently, the law does not

Motivations for Organizational Change for Sustainability Essay

Motivations for Organizational Change for Sustainability - Essay Example Although organizational change varies from one business context to another, organizational change adopts a general definition that refers to a specific change that has direct and significant effects in the management, operation, and output of an organization. Any variations in the way an organization operates and the way it is actually supposed to operate, leads to organizational change to ensure future successful growth and environmental preservation. Indeed the pace of organizational change is rapidly increasing courtesy of the new technology, social pressure, new lifestyles, environmental responsibility, and new ways of doing business. Many researches and model try to discuss organizational change towards sustainability. However, although change is aimed for the benefit of an organization, many stakeholders in organization are usually nervous and will tend to resist change consciously or subconsciously basing their fears on the uncertainty of the proposed changes. Hence, Corporate s face many challenges in initiating and implementing sustainable organization changes. An effective organizational change must be timely, sustainable, inclusive, motivational, done in the best professional way, strategic, environmental friendly, and enjoys the best organizational change management. ... An organizational change may lead to redundancy, change in working hours, transfers, promotions, retraining, and even loss of job opportunities (University of Western Australia, 2008, p.1). A change in the corporation may also lead to significant changes in the operation size, skills required, and composition of the corporation. There are different types of organizational change. An organizational change can be organizational wide, subsystem, transformational, incremental, remedial, or developmental (McNamara, 2012, p.1). The knowledge on the type of change helps all stake holders stick to the scope, objective and retain scope and perspective of the organizational change during the actual process of changing. An organization change process will involve different departments in an organization. Departments involved in the organizational change process include the targeted department, related departments, IT department which will build and operate the changed system, the finance depart ment that will support the entire process, customer-facing staff department that will apply the changes in customer relations, and the management that will oversee the organization change process (Wallace, 2007, p.1). However, the most important of the entire process of change is the organization change management. Change management is the application of a set of processes that ensure there is a systematic control and implementation of the proposed changes within the organizations’ emblem (University of Adelaide, 2012, p.4). An organizations management aims at designing an effective strategy that will overcome resistance from stakeholders and hence increase their engagement towards a successful

Discuss the Effect of Islam upon West Africa Essay Example for Free

Discuss the Effect of Islam upon West Africa Essay Change Over Time Essay Assignment #1The camel, with its ability to travel long distances without water and carry heavy loads, facilitated trans-Saharan communication. During the seventh and eighth centuries CE, Islamic conquerors had added North Africa to the dar al-Islam. By the end of the eighth century CE, Muslim merchants had crossed the Sahara and initiated commercial relations with Sub-Saharan West Africa and by the beginning of the second millennium, Islam had become entrenched in West African life. Islam dramatically changed West Africa culturally, politically, and economically in the time period between 1000 CE and 1750 CE, but many staples of West African society remained the same. Economically, Islam ushered a new era of economic prosperity into West Africa. The adoption of Islam by West African states provided them with common ground upon which states such as Mali greatly expanded their gold trade to encompass Arab and Mediterranean nations. Established Muslim trade routes facilitated the huge increase in the volume of African trade. Commercial cities sprung up across West Africa, with commerce increasing Timbuktus population to 100,000. In the twelfth century, Muslim merchants introduced cotton, rice, and citrus fruits to West Africa; by the sixteenth century cotton was the main textile produced in West Africa. European demand for cotton textiles ensured that West Africa would remain economically prosperous. Islamic merchants expanded the African slave trade to a continental level, providing Europeans with a framework upon which to build the catastrophic Atlantic slave trade, replacing small scale tribal slavery with huge state economies built entirely around capturing slaves and selling them to foreign nations. However, despite these huge changes in economic methods and volume, West African states relied heavily upon trade as the principle form of economic support throughout periods of Islamic influence. The increase in trade with Islamic merchants between 1000 and 1750 led to the permeation of Islamic culture among West African peoples. Islamic rulers built large mosques and universities where people could learn about Islam, as well as other areas of knowledge. These universities spread literacy within West African society. Islam was generally tolerant of traditional values, such as polygamy. This allowed it greater popularity than  Christianity, and decreased resistance to conversion. Islam was not forced upon citizens by their kings, but rather was voluntarily encouraged. Despite this, many people adopted Islam, especially those who interacted with Muslim merchants. However, many of those who adopted Islam did not adopt Islam in its original form, but rather combined it with traditional religious beliefs to create a syncretic religion. There was much social turmoil among purists, such as the Fulani, and those who practiced syncretic Islam. Despite the large Islamic influence in the area, many chose not to adopt a syncretic faith and rather kept their traditional beliefs. The integration of Islamic culture into West Africa, as well as the economic prosperity that Islamic trade brought West Africa, led to the creation of large centralized states. As opposed to the small kingdoms, such as the kingdom of Ghana, that the first Islamic merchants encountered in West Africa, by the fifteenth century two large centralized empires had emerged. Islamic influence played a large part in the creation of these large empires. Firstly, the revenue created by integration of West Africa into Islamic trade allowed West African rulers to create and support large standing armies. These armies ensured that these empires could protect their peoples and sources of income, as well as exert their influence. Secondly, Islamic law, known as Sharia, introduced to West Africa allowed for unified rule. Previously, varying tribal laws had caused disorder and fragmentation, as well as discontent. Islamic law facilitated and demanded the creation of large centralized empires. However, Islam itself did not necessarily become the exclusive religion of these empires; many, indeed most, citizens of these empires clung to and practiced their traditional pagan religious beliefs. Following the collapse of these two empires, West African political structure returned to the small regional kingdoms that had been West African norm before Muslim merchants crossed the Sahara. Overall, the Islam greatly, sometimes even completely, changed cultural, political, and economic environments in West Africa between 1000 CE and 1750 CE. Examples of this change include the introduction of centralized kingdoms, trans-Saharan trade, and Muslim values. Despite this great change, many elements of West African society, such as popular religion, dependence  on trade, and basic values remained the same despite Islamic influence up through 1750 CE. Near the end of that period, Africa began to be colonized by European nations, and fell under European influence.

The Link between Sports and Success in Death of a Salesman and Fences E

The Link between Sports and Success in Death of a Salesman   and Fences Sports have become one of the most dominant elements in society. Today sports are an integral part of lifestyle, entertainment and leisure. Sports have become an outlet for success and prestige. The recurring emphasis on sports appears in both Arthur Miller’s Death of a Salesman and August Wilson’s Fences. While Death of a Salesman portrays sports as a means to popularity and subsequent success, Fences portrays sports negatively, discouraging sports, in spite of an unmistakable talent.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Miller’s Death of a Salesman is the tragic account of the demise of a meager salesman, Willy Loman. Willy is passively nearing the end of his career and life. His two sons, Biff and Happy show little remorse or pity for Willy, despite his obvious senility. When Biff borrows a football from his coach to practice passing, Willy encourages him: â€Å"Coach’ll probably congratulate you on your initiative!† (Miller 30). Willy erroneously praises Biff, not realizing that such affirmation could deceive Biff. Later, as Biff awaits an appointment with a prominent businessman, he feels compelled to steal his fountain pen, â€Å"I don’t know, I just—wanted to take something†(Miller 104). Such incidents set a precedent for Biff, eventually leading to his lackluster professional status. Willy once again deludes Biff as he mistakenly deters him from his studies. When Bernard reminds Biff, that in order for Biff to graduate, he must study his math, Willy initially agrees and encourages Biff to study: â€Å"You better study with him, Biff. Go ahead now†(Miller 32). When Biff confidently shows Willy his sneakers, on which he printe... ...troubles with theft persist. On the other hand, Cory joined the marines and has advanced to corporal.   As Miller and Wilson revealed, athleticism is not always analogous with success. Willy regarded Biff highly because he observed Biff’s presence and athleticism, and he believed these qualities would result in immediate success. Today many parents associate sports with success and therefore pressure their children to excel in sports. In today’s society it is very rare that fears of discrimination would cause children to not pursue a lucrative career in sports. Both Miller and Wilson knew the impact of sports on family dynamics, and how sports have evolved from a leisure time activity to a full-time commitment. Clearly, many of the qualitative aspects of sports--competition, teamwork and physical dexterity can contribute to being a success in almost any career.

North Face

Assignment 2: North Face Auditors are faced with the very difficult task of insuring the public, that in their opinion, the financial statements of their clients are accurate and free of any material misstatements. The problem is that materiality is a subjective figure. In the North Face case an immaterial revenue recognition entry ended up being material when compounded with additional misstatements. North Face was the perpetrator of the intentional misstatements but they were concealed by the Deloitte audit advisor, Richard Fiedelman.Fiedelman allowed additional non-recognizable revenue to be posted and altered/replaced the original working papers that reported the original material misstatement. (Knapp, Rittenberg, Johnstone, & Gramling, 2012) Several generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS) were violated (In the Matter of Richard Fiedelman, 2003) resulting in declining stock prices and Security and Exchange Commission (SEC) sanctions. SEC Sanctioned Richard Fiedelman The SEC requires the all registrant working papers be reviewed by a partner that is not assigned to the engagement.When the Deloitte concurring partner found the discrepancies and misstated revenue they investigated further leading to the review and the ultimate discovery of the altered working papers. North Face’s audit committee then retained a second accounting firm to investigate the accounting records which led to the SEC sanctioning Fiedelman. (Knapp, Rittenberg, Johnstone, & Gramling, 2012) 1. The SEC sanctioned Richard Fiedelman for failing to document the changes that his subordinates had made in 1997 North Face work papers and for failing to exercise due professional care.Explain the SEC’s rational in making each of these allegations. The SEC found that Fiedelman violated GAAP by allowing recognition of profit margin on the second barter transition and violated GAAS 150, 230, 326, and 338. (In the Matter of Richard Fiedelman, 2003) Failing to Document Work Paper Changes Per the several GAAS violations the SEC was right to sanction Fiedelman for failing to document the changes made to North Face working papers. AU 338 (339A) directs auditors on the importance of working papers.Working papers are the â€Å"principal record of the work that the auditor has done and the conclusions that are reached concerning significant matters. † (Public Company Accounitng Oversight Board, 1982) The working papers help insure that the audit engagement has been properly planned and adequately supervised. It is also the record of the audit evidence and procedures applied to the audit. Fiedelman also violated Auditing Standard No. 3 which is very clear that any changes must be documented. â€Å"Circumstances may require additions to audit documentation after the report release date.Audit documentation must not be deleted or discarded after the documentation completion date, however, information may be added . Any documentation added must indicate the date the information was added, the name of the person who prepared the additional documentation, and the reason for adding it. † (Public Accounting Oversight Board, 2004-06) When Fiedelman revised the 1997 work papers without the proper documentation he violated Standard No. 3 justifying the SEC sanction. Failing to Exercise Due Professional Care Fiedelman violated AU 150 and AU 326, failing to execute due professional care.AU 150 states that â€Å"due professional care is to be exercised in the performance of the audit and the preparation of the report. † (Public Accounitng Oversight Board, 2001) AU 230 explains that due professional care is â€Å"employments where peculiar skill is requisite, if one offers his services, he is understood as holding himself out to the public as possessing the degree of skill commonly possessed by others in the same employment, and if his pretentions are unfounded, he commits a species of fra ud upon every man who employs him in reliance on his public profession. † It does state however that no one is free of error.Due professional care does not intend work to be free of error but free of negligence. (Public Accouniting Oversighe Board, 1972) Fiedelman violated the due professional care standard when he allowed the misstatement and margin recognition to be posted. The misstatement was already noted but he himself should have been aware that the margin was not permitted and that the misstatement should have been corrected. It is also concerning that the increased sales from $90,000 to $3. 9 million was not investigated more thoroughly, again indicating Fiedelmans lack of due professional care.Fiedelman also violated AU 326 Evidential Matter. With the violations of so many auditing standards the SEC had no other choice but to sanction Fiedelman. (Knapp, Rittenberg, Johnstone, & Gramling, 2012) If there is no punishment for altering working papers auditors would fear no repercussions and they would alter the papers whenever they wanted reducing the public’s assurance of financial statement accuracy SEC’s Punishment The SEC punished Fiedelman by suspending him from being involved with audits of SEC clients for three years. 2.Take a position on the severity of the SEC’s punishment of Richard Fiedelman of a three year suspension on being involved in the audits of SEC clients, support your position. The punishment was fair. The responsibility of an auditor is to insure financial statement users that they are free of any material misstatements. In this case Fiedelman made a conscious choice to allow North Face to post margin that should not have been realized, per GAAP. Fiedelman should not be allowed to practice with a public accounting firm until the SEC feels that he will not allow the same misstatements to happen again. In the Matter of Richard Fiedelman, 2003) In order to insure the public that the auditing profession is rel iable this kind of punishment is necessary. Each case should be reviewed on an individual basis and if there is any question that the auditor will continue to allow misstatements they should be suspended from being involved with SEC clients. Modify Client Work Papers The PCAOB has very specific instructions that any additions or changes to audit documentation after the release date need to be documented. 3. Assuming that you are an audit manager in a public accounting firm.The engagement partner asks you to modify client work papers after the financial statements and opinion has been issued. Determine what you would do in this situation. Provide your rationale. If the partner is not asking me to hide the modification and the modification is necessary, per GAAP or audit principals, then I would make the modification. If the client partner is asking to have the papers modified without documentation, or the modification should not be done, I would not modify the work papers. Auditing s tandard No. 3 clearly states that any modification needs to be documented. Public Accounting Oversight Board, 2004-06) In the North Face case it does not indicate the personnel that altered the work papers were reprimanded, (Knapp, Rittenberg, Johnstone, & Gramling, 2012) however as a manger if it is discovered that you altered work papers without documentation or necessity, even if there were no legal repercussions, it would hurt your reputation and ultimately affect your career. The decision analysis framework could be used in determining if it is necessary to notify another audit partner or the client audit committee about the request.I would not alter the papers but if no one is made aware of the advisor’s request they may get someone else to alter the work papers. In this case morality and ethics should be enough to prevent a manger from altering work papers, but it helps to have punishments in place to help deter unethical actions. Materiality Public accountants general ly use qualitative analysis to determine the appropriate level of material misstatements. 4. Evaluate the practice of â€Å"materiality† used by public accounting firms and how accounting firms should address it with clients. Materiality is based on the assumption a reasonable investor would not be influenced in investment decisions by a fluctuation in net income less than or equal to 5%. This â€Å"5% rule† remains the fundamental basis for working materiality estimates. † (Vorhies, 2005) Since materiality is based on the fact that investors would not be influenced when immaterial misstatements are found, if the numbers of immaterial misstatements are small they will not prevent an unqualified audit opinion.Large misstatements and a large number of small misstatements that could be considered one misstatement need to be corrected before an unqualified opinion can be issued. Since all misstatements are presented to management and the audit committee, how the miss tatements need to be addressed should be discussed with them at that time on. If they refuse to make the corrections the auditor should refuse to issue an unqualified audit opinion. (Vorhies, 2005) It is important to remember that every misstatement needs to be analyzed for materiality.A small misstatement may not seem relevant but may be an indication of a larger aggregate or future misstatement. (Public Coumpany Accounting Oversight Board, 2010) North Face Management Auditors are not required to criticize key decisions made by their clients management team, that does not mean they should not use due professional care when analyzing management behavior. 5. North Face’s management teams were criticized for strategic blunders that they made over the course of the company’s history. Discuss whether auditors have a responsibility to assess the quality of the key decisions made by client executives.Defend your answer. When auditors are evaluating audit risks there are cert ain behaviors that should be analyzed. If management is refusing to cooperate, meet with, or puts unusual time constraints on the audit team it could indicate fraud. It is also important for the audit team to monitor management’s tolerance of violations of the company’s code of conduct, inconsistent accounting practices, or frequent changes to estimates for no reason. (Public Compaany Accouning Oversight Board, 2010) These can be key indications of management’s character and ethics.In the case of North Face since management established a goal to reach $1 billion in sales the audit team should have been more critical of the sales, revenue, and margin that were posted. The audit manager should have used due professional care when analyzing the fact that North Face was having a hard time mainstreaming their product yet implemented this lofty goal. If fraud was going to occur it would likely be in the revenue/sales area. The first auditor engagement partner did catc h the material misstatement but had these other considerations been taken into account the misstatement may have been investigated further.Even though it is not the responsibility of auditors to assess the quality of key decisions, by doing so they can gain valuable insight into how management thinks. Conclusion When auditing firms find financial misstatements it is important that they understand the materiality and reason behind the misstatements. The good thing that came out of this case is that the system worked. When the concurring partner reviewed the audit work papers the misstatement and revision was detected. The SEC sanctioned those responsible and even though the investors were affected they should feel some certainty that the system worked.References In the Matter of Richard Fiedelman. (2003, October 1). Retrieved November 4, 2012, from U. S. Securities and Exchange Commission: http://www. sec. gov/litigation/admin/34-48578. htm Accounitng Standards Oversight Board. (1980 , August). AU Section 326. Retrieved November 4, 2012, from PCAOB: http://pcaobus. org/Standards/Auditing/Pages/AU326. aspx Knapp, Rittenberg, Johnstone, & Gramling. (2012). Contemporary Auditing. Mason : Cengage Learning. Public Accouniting Oversighe Board. (1972, November). AU Section 230A. Retrieved November 4, 2012, from PCAOB: http://pcaobus. rg/Standards/Auditing/Pages/AU230A. aspx Public Accounitng Oversight Board. (2001, December 15). AU Section 150. Retrieved November 4, 2012, from PCAOB: http://pcaobus. org/Standards/Auditing/Pages/AU150. aspx Public Accounting Oversight Board. (2004-06). Auditing Standard No. 3. Retrieved October 28, 2012, from PCOAB: http://pcaobus. org/Standards/Auditing/Pages/Auditing_Standard_3. aspx#retentionandsubsequentchanges Public Compaany Accouning Oversight Board. (2010, December 15). Auditing Standard No. 14. Retrieved November 4, 2012, from PCAPB: http://pcaobus. org/Standards/Auditing/Pages/Auditing_Standard_14. spx Public Company Accounitn g Oversight Board. (1982, April 1). AU Section 339A. Retrieved November 4, 2012, from PCOAB: http://pcaobus. org/Standards/Auditing/Pages/AU339A. aspx Public Coumpany Accounting Oversight Board. (2010, December 15). Aditing Standard No. 11. Retrieved Novembe 4, 2012, from PCAOB: http://pcaobus. org/Standards/Auditing/Pages/Auditing_Standard_11. aspx Vorhies, J. B. (2005, May). The New Importance of Materiality . Retrieved November 4, 2012, from Journal of Accountancey: http://www. journalofaccountancy. com/Issues/2005/May/TheNewImportanceOfMateriality. htm