Major elements required in the statement on standards for valuation
services SSVS are professional competence, objectivity and conflict
of interest, and lastly, establishing an understanding with the client.
Professional competence ensures that the you can complete your job
accurately. It ensures that the person hired for the job knows what
they are doing so that it can be complete the tasks they were hired
for.
Objectivity and conflict of interest help to make sure the analyst
doesn't have a conflict of interest while completed assigned job that
could pose a risk to the outcome of the analysis. They need to remain
completely object of the situation so that they complete their job
honestly.
Establishing an understanding with the client is used to explain what
the is expected to be performed that way there is no confusion on
either parties side. This does not mean it is set in stone, if things
need to be adjusted adjustments can be made if things come up.
https://www.aicpa.org/resources/download/statement-on-
standards-for-valuation-services-vs-section-100
