As a staff member of Norton, Price, and Cummings, CPAs, you have been asked to prepare a report on “Materiality” that will be circulated to all staff as part of the firm’s continuing education program. It has been suggested that the report should cover the definition of materiality, why the concept is important to auditing, and how to measure it. You should also discuss any other aspects of materiality you find important. Write the report as requested.