Archive 2019-138: Business Valuation Reports and Engagement Letters

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Archive 2019-138: Business Valuation Reports and Engagement Letters – An ADVANCED look at the Beginning and the End of a Valuation

**Webinar 138: Live Broadcast Date: December 17, 2019**

VPS StraightTalk Webinar Series: Business Valuation Reports and Engagement Letters – An ADVANCED look at the Beginning and the End of a Valuation with Jim Hitchner, CPA/ABV, ASA, CFF

The main highlight of this session will be the review of a WORD version of a detailed sample report that is in conformity with the standards of AICPA, ASA, IBA, and NACVA and a review of an engagement letter. You will learn just about everything you ever wanted to know about reports and engagement letters.

Webinar Outline

Sample language and examples to include in your detailed reports:
  • Front summary language, including: terms, definitions, disclaimers, caveats, scope of work, list of documents relied upon, procedures performed, restrictions or limitations, distribution, and level of reliance
  • Adherence to BV reporting standards (AICPA, ASA, IBA, and NACVA)
  • Presentation and reconciliation of values and methods
  • Conclusion of value
  • Assumptions and limiting conditions and valuation representation/certification

Sample language and examples NOT to include in your reports
The best way to organize your report
Citing references for definitions, concepts, and applications
The use and abuse in relying upon canned economic data
Reliance on RMA and other types of benchmark data
Quantitative and qualitative weightings of values

Length of reports, types of reports, and when they should be used

  • Full/detailed
  • Summary/letter
  • Calculation
  • Oral
  • Valuation review of another analyst’s work product
  • Rule 26
  • No report

Sample language and examples to include in your engagement letters:

  • Fees, retainers, billing, invoicing, and collections
  • Disputes, resignation, and withdrawal
  • Responsibility for payment
  • Limiting conditions
  • Confidentiality
  • Scope of services
  • Indemnification
  • Arbitration/mediation
  • Acceptance – who signs?
  • Privacy, ownership, and use of materials
  • Conflicts of interest
Learning Objectives:
Using sample report language and examples, the participant will learn:
  • What needs to go into a detailed BV report that is in compliance with BV standards
  • About the use of summary reports, review reports, calculation reports, oral reports, and no reports
  • About the use of protective and risk-management language in both reports and engagement letters
  • How to properly use addendums, appraisal representations/certifications, assumptions and limited conditions
  • About troublesome words, sentences, and paragraphs that are often inappropriately included in reports and engagement letters
  • Alternative methods of wording engagement letters
  • Types of language that help with collections
  • Language that will help if a dispute arises with an engagement

Handouts:

  • VPS webinar PowerPoint slides
  • Sample detailed report
  • Sample engagement letter

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