The major elements required in the statement on standards for
valuation services will include professional competence,
independence and valuation, and using the work of specialists in the
engagement to estimate value. The professional competence makes
sure the members will finish all their jobs as specialists. The person
must have a good level of skill in identifying and analyzing data. The
ability of judgment is very important too, so the person can make a
correct report on the client. Last, the person must know all the
regulations from the government. Independence and valuation will
make sure the member and the client will have no connection. If
there is any connection or relationship between the member and the
client, the member must provide information in the report. The
independence of the client will affect the report's quality. Using the
work of specialists in the engagement to estimate value will help the
member to create a current report in some specific industry. A
specialist can find the true value of a product or an object with
special knowledge. The member has to remember to put down the
percentage of the specialist's work in the report. It can help readers
have a better understanding of the report.
The SSVS is created for AICPA members to make sure the company
can provide the same level of service to all clients. SSVS has covered
most areas. It may not cover all government standards. If the stander
is required by the government, members must put government
stander as priority.
Reference:
Statement on standards for valuation services (VS Section 100). AICPA.
(n.d.). Retrieved June 28, 2022,
from https://www.aicpa.org/resources/download/statement-on-
standards-for-valuation-services-vs-section-100
