BVWire hears that the International Association of Consultants, Valuators and Analysts (IACVA) and the World Association of Valuation Organizations (WAVO) will issue a final version of global quality control standards for valuations imminently. An exposure draft was issued last year and comments were solicited (the exposure draft is available on BVR’s Global Business Valuation Resource Centre under the “Articles” tab). The standards put forth a peer review process similar to what’s used in the accounting profession and that can also serve to head off government regulation in this area. “The Quality Control standards are the first step in having firms adopt a system of quality controls to ensure that all of the firm’s practitioners adhere to the same requirements for documenting each engagement,” said IACVA and WAVO in a joint statement when the exposure draft was issued.
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