Professional Competence – In order to provide services to a client one
needs the knowledge and skills for the given task (AICPA, 2007). All
interactions and services should be provided in a professional manner
with the valuation analyst using their resources to approach the
problem in an efficient manner.
Objective and Conflict of Interest – Providing service should be free
from bias, and remain honest (AICPA, 2015). (Remaining uninterested
personally creates the ability to create a valuation objectively.
Establishing an Understanding with the Client – A valuation analyst
needs to provide a clear understanding with the client traditionally in
writing. The written understanding should include the purpose, the
objective, and the nature of the valuation (AICPA, 2007). Having a
clear understanding provides clarity to both parties on expectations.
The standards provided but the SSVS fall in line with the other standard-
setting bodies by providing guidelines to affectively conduct business in an
appropriate manner. The focus on honest reporting with valuations based on
documentation and proper analysis is comparable to the guidelines from the
other standard-setting bodies.
References:
AICPA.org. (2007, June).(Statement on standards for valuation services (VS
Section 100). AICPA.org. Retrieved from
https://www.aicpa.org/resources/download/statement-on-standards-for-
valuation-services-vs-section-100
AICPA statement on Standards for Valuation Services No. 1, valuation of a
business, business ownership interest, security, or intangible asset.
(2015).(Business Valuation and Bankruptcy, 179–254.
https://doi.org/10.1002/9781119198291.app1
