The three elements that I would like to mention are the following:
Professional Competence: at a minimum, a CPA should consider 1.
subject entity and its industry. 2. subject matter. 3. valuation date.
4. scope of the valuation engagement. 4. any government regulations
that apply to the subject interest.
Nature and Risk of the Valuation Services: CPA should consider the
following: Terms of the valuation engagement, identity of the client,
nature of the business interest and ownership rights security or
intangible assets being valued and the degree of marketability of the
interest, procedural requirements of a valuation engagement and the
intent, the use of and limitations of the report and the conclusion or
calculated value, and any obligation to update the valuation.
Objectivity and Conflict of Interest: The principle of objectivity
imposes the obligation to be impartial, intellectually honest,
disinterested, and free from conflicts of interest. Independence and
Valuation to me seem the same as this element in that you would
need to be free of conflicts of interest and be impartial.
The standards guide CPAs to help ensure they perform services
consistently and ethically. However, the article in the CPA Journal
states that the two sets of standards are not consistent and that this
will create a problem.
https://www.aicpa.org/resources/download/statement-on-
standards-for-valuation-services-vs-section-100
http://archives.cpajournal.com/2008/108/essentials/p22.htm
