Three of the major elements required in the statement on standards for
evaluation services (SSVS) are professional competence, Objectivity and
Conflict of Interest, and The Engagement Letter.
• Professional competence is required while performing a valuation analysis and
the CPA must have the ability to complete the engagement with a reasonable
level of knowledge.
• Objectivity and Conflict of Interest means the state of mind and for the CPA’s
obligation to be impartial, intellectually honest, and free of conflict of interest. A
CPA analyst must be independent of relationships that may impair his objectivity
in rendering valuation services.
• The Engagement Letter means that a CPA needs to use an engagement letter to
establish an understanding of the services to be performed and to define the
responsibilities of each party.
https://archives.cpajournal.com/2008/608/essentials/p54.htm
