Objectivethey have no reason to side with the seller

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: s assertion. Before going on, stop and think for a moment about how the house inspection example might relate to a financial statement audit. TABLE 1–1 Important Characteristics of House Inspectors and Inspections Desirable Characteristics of House Inspectors • Competent—they possess the required training, expertise, and experience to evaluate the property for sale. • Objective—they have no reason to side with the seller; they are independent of the seller’s influence. • Honest—they will conduct themselves with integrity, and they will share all of their findings with the buyer. • Skeptical—they will not simply take the seller’s assertions at face value; they will conduct their own analysis and testing. • Responsible and/or liable—they should stand behind their assessment with a guarantee and/or be subject to litigation if they fail to act with due care. Desirable Characteristics of a House Inspection Service • Timely—the results of the service are reported in time to benefit the decision maker. • Reasonably pr...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online