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The objective of this study is to address the gap that exists in the literature regarding quantifiable guidelines, benchmarks and consistency of applications. During the research acceptable benchmarks for the calculation or quantification of the elements linked to materiality and audit risk were found. The benchmarks are in compliance with the practices and the requirements of the ISAs and regulations. Models and benchmarks based on literature were used as a basis and modified for application in the auditing environment. The combination of literature, responses from public practitioners and experience based on best practices resulted in the development of a modified risk-based assessment model. The conclusion from the empirical study indicated that there are no defined rules or basis for calculating materiality and audit risk. The inconsistencies in responses indicate that audit firms and developer of key concepts interpret and apply the above-mentioned term different in practice. The interpretations of the relevant ISAs, appear to be conceptually correct as no major non-compliances were identified. Various instances indicated that there is a lack of guidance with regard to the quantification or qualification of benchmarks. The implementation of the Sarbanes-Oxley Act (2002) was an event that leads to the consideration of more conservative benchmarks. The most consistent benchmark that stood the test of time was Discussion paper 6 (1984). The 30 years since the development of these benchmarks indicate that little attention has been given to one of the most complex issues in auditing. Companies within different industries are not generic and exceptions will occur where the auditor needs to apply professional judgment to accommodate the deviations. Further research is required to assist the audit professionals and students in the development of consistent benchmarks to increase the reputation of the profession. The conclusion drawn from this study is that audit materiality and audit risk has a significant impact on the audit process as even the audit report is influenced by proper audit planning and guidelines to support the auditor in audits. / MCom (Accountancy), North-West University, Vaal Triangle Campus, 2013

This dissertation is aimed at analyzing and discussing the perception of the local people of Chiang Mai towards tourism. Tourism in Thailand and its importance to the country is illustrated in the first chapter. The current position of Tourism in Thailand is indicated in the second chapter with tourism statistics and major trends shown between 1985-1995. This chapter also reviewed the importance of tourism within the Thai economy. The third chapter elaborated some of the major issues in Thai tourism with special attention to economic, environmental and sociocultural issues, as well as the related problems. In chapter 5 anticipated advantages and observed disadvantages in local community involvement in tourism in Chiang Mai are elaborated. Chapter 5 explains the research methodology followed by study results in chapter 6. Chapter 7 concluded the study's hypothesis as well as the objectives of this research. The implications from field - work and the policy issues are also noted. The conclusions from the study investigating the inner city of Chiang Mai residents' perceptions toward tourism development in the areas of arts and culture ; environmental circumstances ; employment ; infrastructure development and social problems revealed that on one side, there was a high degree of agreement among the respondents with regards to economic gain and employment created by tourism. Infrastructure development was also viewed positively by the respondents. On the other side, tourism was perceived as the cause of the environmental degradation and social problems. It is hoped that this study will serve as a source of reference and a guideline to be used by both private and public sectors in considering perception of local Chiang Mai people to tourism. The author has drawn articles from a variety of sources, including tourism journals, local newspapers and magazines. Field-work in the form of the samples were systematically chosen from the inner city of Chiang Mai to guarantee the outcome from the specified area of study.