All holders of the new Certified in Entity and Intangible Valuations™ (CEIV™) credential “can expect a compliance review within the first year of receiving their accreditation,” said Tony Aaron (University of Southern California) during a recent BVR webinar. Aaron is chair of the Performance Requirements Work Stream of the Fair Value Quality Initiative (FVQI), which is designed to improve quality and consistency in the valuation profession. This group developed the recently finalized Mandatory Performance Framework (MPF), which serves as a key guidepost both for professionals applying for the CEIV accreditation and, in general, for those who prepare fair value measurements for financial reporting.
Not a peer review: The Quality Review/Regulation work stream group is developing a program for ongoing compliance reviews of individuals receiving the CEIV accreditation. Aaron pointed out that these are not termed “peer reviews” and will not be done in response to complaints. Rather, they will be proactive, and there will be a required review of an engagement work file for each credential holder within the first year of the individual’s receiving the credential.
For more information, there’s a special website set up for the credential.
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