Wednesday, 27 September 2000

A Note on "The Minimaus Poems" by Dell Olsen

Just on their title really. Tricksy, you go around trying to respond to Olson, you end up inventing Language poetry. So as well as the whole Maximus caboodle . . .

De minimis non curat lex -- "the law doesn't sweat the small stuff" slash "give a shit about Mini-Mouse" && so see eff . . .

"Materiality is a key concept from an audit perspective as auditors plan and perform the audit to be able to provide reasonable assurance that the financial statements are free of material misstatement. In designing the audit plan, the auditor must establish an acceptable materiality level so as to detect material misstatements. It is also key in determining the overall level of testing that is required in order to gain comfort that the financial statements are not misstated. Materiality therefore affects the sample sizes that are used in order to complete the substantive testing of certain balances and so can significantly affect the work load required to gain comfort."

&&

"The de-minimus threshold represents the lower boundary for errors found to be recorded on the summary of unadjusted differences log maintained by the audit team. Errors found below this level will not normally be recorded by the audit team. If in aggregate the unadjusted differences breaches materiality then an adjustment would be made to the accounts for these errors.The de-minimus thresholds were set as 5% of the overall materiality as follows [...]"

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