The article “Reviewing Appraisals: The Devil is in the Details” contains some of the questions and observations contained in the new book A Reviewer’s Handbook to Business Valuation by L. Paul Hood Jr. and Timothy R. Lee (Mercer Capital), including:

• Does any position taken in the business appraisal report conflict with any article or paper the appraiser has ever written? If yes, is this conflict explained?
• What is the range of value for the asset being valued? Why is that the range? Does the conclusion of value fall on either end of the range? If so, why? Is that rationale sufficiently explained in the report? If not, would it be helpful to do so?
• Does any application of valuation theory in the opinion run counter to current reasonably accepted valuation theory as applied to this assignment? If yes, how? Is that discussion in the report? If not, why not?

Hood and Lee are also the featured speakers in the upcoming BVR webinar “Business Appraisal Reports: Perfecting the Art”onAugust 11, 2011. Two CPE credits are available.