Essay subject is Auditing and is about Applied Graphene Materials Plc

Subject is Auditing and is about Applied Graphene Materials Plc - Essay Example Failure by the auditors to give this view compromises the quality of the audit that is carried out. Audit risk includes any factor at the discretion of the auditor that may cause a material misstatement or even omissions in the financial statements of a company (Dotel, 2015). These risks may arise in different forms in the audit report and the financial statements. First, by an auditor failing to emphasize a matter that is of significance to the users of the financial statements in the audit report, audit risk arises. Secondly, an auditor may provide an opinion on the financial statements where no such opinion may be reasonably given as a result of the significant limitation of scope in the audit performance (Zuca, 2013). Audit risk is a component of three major risks namely, inherent risk, detection risk, and control risk. All these three risks are likely to be encountered while performing an audit. The auditor is therefore expected to assess the level of risk pertaining to each of the three components of audit risk. Inherent risk refers to the risk of material misstatements in a company’s financial statements due to the error of omission. The error of omission of key components of an audit in the audit report arises because of other factors apart from the failures of business internal controls. This component of audit risk is common in companies that have more complex transactions (Schwartz, 2013). Control risk refers the risk of a material misstatement in the company’s financial statements due the failure of operation of relevant controls in a business. In order to reduce the instances of fraud and error within an organization, there is the need for the companies to have proper inter nal controls. Control risk becomes high when a business does not have adequate internal control systems thus creating opportunities for fraud and errors in the financial statements. Furthermore, in order to prevent this

Explanation of I Believe That Deep Down All Human Beings Are Really Essay

Explanation of I Believe That Deep Down All Human Beings Are Really Good Quote by Anne Frank - Essay Example The Holocaust, which claimed the writer’s life, involved the killing of hundreds of thousands of innocent Jews. The author believed that the evil would soon end, and peace would prevail. She had the belief that the people who were undertaking the massacre would come to their mind and realize the harm that they cause, realizing the good that is still in their hearts. The quote means that people have two sides, the good and the bad, and no matter how the evil side is, the good side can still be portrayed. I disagree with this quote. People do certainly have good sides, but they do not apply to everybody that they interact with. For this quote to be applicable to all humans, people would be considering the implications of their actions on others before undertaking these activities. In the worst scenario, if all humans had some good on them, they would see how other people are suffering and have empathy for them. The mere assumption that humans are capable of changing does not mean that everybody can. Some people are stuck in beliefs that good will happen to them if they commit heinous actions. There are occurrences that prove not all humans have good in them. One critical phenomenon is the historical Johnstown massacre in the US 1978 which claimed the lives of over 900 people (The Guardian, n.p). The cult leader Jim Jones forced his followed to drink poisoned juice. Those who declined were injected with the poisoned or shot dead (The Guardian, n.p). Another issue that proves not all humans have good in them is the presence of terrorist organizations such as ISIS. The ISIS members behead people and kill people in painful and horrible ways. If these people had any slight good in them, these atrocities would not be happening. Â