1. Timely – It should be prepared and presented within the stipulated time period in the engagement letter.
2. Complete and Accurate – Should be based on factual and relevant information.
3. Objective – Conclusions reached and recommendations should be objective in reporting and unbiased.
4. Clear and Concise – It should be precise and specific i.e. should not conceal material information and should be simple/brief.
5. Convincing – Should give convincing facts and reasons for judgement made for conclusions reached.
6. Unbiased – It should disclose all facts and the truth.
7. Should provide or offer constructive and timely suggestions to management for action.
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