While the BV profession has come a long way, more work is needed on cohesiveness and direction, panelists agreed during The Appraisal Foundation Business Valuation Roundtable II held recently in Washington, D.C.
Valuators, auditors, and regulators (including the SEC and PCAOB) all agreed that there should be one set of valuation standards (as well as improvements to the actual process of setting standards) and more “meat” to BV credentials. A clear enforcement arm or mechanism to ensure that valuators are following best practices is also recommended. Although leaders from top audit firms on the panel feel there is enough oversight in place, it was suggested that an independent entity be formed and empowered to oversee all aspects of the profession.
Good news. It was decided that the TAF BV Roundtable, which began last year, will be an annual event. BVWire applauds this decision and the efforts of the TAF to recognize the issues and put them on the table for ongoing and meaningful discussion.
More details on the event will appear in the August issue of Business Valuation Update.
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