Point of view: The valuation profession - At a crossroads

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Point of view 09/25/2013 by Assurance services
Point of view: The valuation profession - At a crossroads

At a glance

In our view, the time has come for the valuation profession to explore creating a robust professional infrastructure for those that perform valuations.

Currently, there is no single professional framework governing the valuation profession in terms of conduct, education, credentialing, and performance.

A professional framework for those performing valuations for financial reporting purposes would provide the valuation profession with a unified identity. This would reduce expectation gaps between the profession and management, auditors, standard setters, and regulators. Having a professional valuation framework will also help inspire confidence in the quality and consistency of the work performed.

The profession has a chance to set its own course for the future by agreeing on the building blocks of a robust infrastructure, and making quality its primary objective.

Please also read our companion piece, Point of view: Global valuation standards - Charting a course for the future.