SVS No. 08 Valuation Review

Status

Issued by Valuation Standards Committee in Taiwan on 25 October, 2013

Summary

The objective for this Statement is to require and enhance the quality of a valuation review. A valuation review is a review of a valuer’s work undertaken by another valuer exercising impartial judgment. In developing a valuation review, a review valuer should plan and execute appropriate review process so as to reach a conclusion and issue the review report. The subject of a valuation review includes: (1) valuation engagements; (2) valuation reports; (3) part of the valuation work. For each valuation subject, there are different requirements.

This Statement deals with the following:

1. General standards: The review valuer should confirm the subject of a valuation review when accepting an engagement. The review valuer should sign an engagement letter with the client and determine whether the scope of the work undertaken is sufficient to constitute a new valuation. The review valuer should also follow the requirements about independence, confidentiality, subsequent events, experts’ assistance and working paper, etc.

2. The required review process of valuation engagements, valuation reports and part of the valuation work: The review valuer should consider the correctness, consistency, reasonableness, and completeness of the valuation in accordance with related Valuation Standards. A valuation review provides a credibility check on the valuation under review, and tests its consistency by focusing upon.

3.Reporting standards: The review valuer should issue the review report in written form and state the assenting and dissenting opinion to the inputs and inferences of each valuation process in the review report. This session also requires the minimum items and statements of a review report.

Effective date

This Statement is effective from 25 December, 2013.