Accounting

Important Characteristics of House Inspectors and Inspections

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 […]

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An Assurance Analogy: The Case of the House Inspector

An Assurance Analogy: The Case of the House Inspector Final PDF to printer Chapter 1 An Introduction to Assurance and Financial Statement Auditing 9 mes32502_ch01_001-034.indd 9 09/30/15 02:33 PM services must focus on the assertions that are most important, and they must be conducted in a timely and cost-effective manner. Some assertions are more important

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what characteristics would you like your inspector to possess?

what characteristics would you like your inspector to possess? Stop and Think: Imagine for a moment that you are buying a house and are wisely considering hiring an inspector. Test your intuition—what characteristics would you like your inspector to possess? Desired Characteristics of the House Inspection Service Now that you have identified some of the

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How do the perspectives and motives of the manager and absentee owner differ?

How do the perspectives and motives of the manager and absentee owner differ? Agent Relationship Leading to the Demand for Auditing F I G U R E 1 – 1 Auditor gathers evidence to evaluate fairness of agent’s financial reports. Auditor issues audit opinion to accompany agent’s financial reports, adding credibility to the reports and

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What negative consequences could information asymmetry have for the absentee owner?

What negative consequences could information asymmetry have for the absentee owner? Stop and Think: What negative consequences could information asymmetry have for the absentee owner? How do the perspectives and motives of the manager and absentee owner differ? Because their goals may not coincide, there is a natural conflict of interest between the manager and

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6 Part 1 Introduction to Assurance and Financial Statement Auditing

6 Part 1 Introduction to Assurance and Financial Statement Auditing mes32502_ch01_001-034.indd 6 09/30/15 02:33 PM of thousands of small loans (i.e., bonds) so that vast amounts of capital can be raised from a wide variety of investors and creditors. A public company is a company that sells its stocks or bonds to the public, giving

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Chapter 1 An Introduction to Assurance and Financial Statement Auditing 5

Chapter 1 An Introduction to Assurance and Financial Statement Auditing 5 mes32502_ch01_001-034.indd 5 09/30/15 02:33 PM auditing valuable to you as a future accountant or business decision maker, whether or not you plan to become a financial statement auditor. While the concepts and techniques you will learn in this book will be useful to you

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Introduction to Assurance and Financial Statement Auditing

Introduction to Assurance and Financial Statement Auditing mes32502_ch01_001-034.indd 4 10/22/15 03:10 PM firm acquired 40 percent of the company and thus provided capital for expansion. Conway Computer’s revenues and profits increased by 25 percent in each of the last two years, and the Steinbuker brothers and the venture capital firm decided to take the company

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