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IVSC issues proposed guide to assist professional valuers who participate in the audit process

  • IVSC (International Valuation Standards Council) (lt green) Image

Jun 18, 2012

The International Valuation Standards Council (IVSC) has issued for comment a draft guide, "The Role of the Professional Valuer in the Audit Process." The draft guide is intended to provide professional valuers with a better understanding of an auditor’s role and how professional valuers can be more effective when assisting auditors and entities during the audit process.

IFRSs and many other financial reporting standards require valuation measurements for certain assets, liabilities, and equity interests. Professional valuers are often involved in the calculation of these valuations or in assisting auditors in their determination of whether the values are reasonable and well supported. The draft guide notes the following on how to create effective interaction between the professional valuer and the auditor:

For the professional valuer engaged by the auditor, there needs to be an appreciation of:

  • the types of information that the auditor might request or discuss with the professional valuer,
  • the factors that significantly affect whether the professional valuer’s work will be adequate for the auditor’s purposes, and
  • the evaluations that the auditor is required to make on the professional valuer’s work.

Comments on the exposure draft are due by September 15, 2012.

Click for IVSC exposure draft (link to the IVSC's Web site).

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