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IVSC: Inspection of tangible assets as part of the valuation process
- 28 June 2024
- Regulatory Compliance and Legislation
- South African Accounting Academy
Authored by the IVSC Tangible Assets Board, this paper explores the intricacies of valuation inspections, examining both the benefits and challenges associated with various inspection methods, including traditional physical inspections and innovative technology-based virtual assessments.
The necessity and methodology of physical inspections have come under significant scrutiny, particularly highlighted during the COVID-19 pandemic, which limited the feasibility of in-person inspections.
The Board’s latest paper addresses these challenges, discussing how technological advancements have enabled alternative methods for conducting inspections and maintaining valuation services. It aims to stimulate discussion, provide guidance, and gather feedback from the valuation community to establish best practices and standards for inspections in line with the International Valuation Standards (IVS).
Click here to access the 24-page Perspectives Paper for download:
Relevance to Auditors, Independent Reviewers & Accountants:
- Valuations are widely used and relied upon in financial markets and other settings, whether for inclusion in financial statements, for regulatory compliance or to support secured lending and transactional activity.
- The IVS outline a process that can be used in conjunction with other standards, laws and regulations requiring a value.
- The valuer is ultimately responsible for the assertion of compliance with IVS, and should be aware of relevant publications by the IVSC on latest developments.
Relevance to Your Clients:
- The valuer is ultimately responsible for the assertion of compliance with IVS, and should be aware of relevant publications by the IVSC on latest developments.