A local newspaper is doing a feature series on various professions. This week, it is CPAs and, as your firm's media contact person, the office managing partner has asked you to respond to the reporter's request for an article discussing audit materiality. The reporter has pointed out that many investors do not understand materiality and think the auditor is opining that the client's financial statements are accurate. The reporter has asked that you write an article explaining what an auditor means when using the word "material"