Objectivethey have no reason to side with the seller

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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...
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This note was uploaded on 12/08/2012 for the course ACCT 564 at Washington University in St. Louis.

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