Exam (elaborations)
CBV LEVEL 1 (SOLVED) CORRECTLY & GRADED A+
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CBV LEVEL 1 (SOLVED) CORRECTLY & GRADED A+
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CBV LEVEL 1 (SOLVED) CORRECTLY & GRADEDA+
Requirements Prior to Initial Client Meeting Answer - 1) Name of the party
engaging the valuator
2) The subject company or companies and significant shareholders
3) Nature of the assignment (E.g. Valuation, Loss quantification, transaction,
etc)
4) Any other party involved (e.g. for disputes or transactions)
5) The potential users of the deliverable
6) Legal counsel representing the parties to the dispute (if any)
Requirements for the Start of the Initial Client Meeting Answer - 1) The context
of the assignment (purpose, applicable legislation, governing contracts, and
other relevant factors)
2) Anticipated role of the valuator (Expert, Advocate, or Arbitrator)
Requirements After The Start of the Initial Meeting Answer - 1) Valuation/loss
date
2) Appropriate definition of value to be used
3) The subject shares/assets, etc
4) The time frame for completion of the assignment
5) Payment terms (e.g. approx $, who is paying, etc)
6) Final reporting details (e.g. type of report, who it is addressed to, and
management representations)
, Background Information Required During Early Phases of Client Engagment
Answer - 1) Basic data concerning the business (e.g. address, management,
contacts, auditors, shareholders, etc)
2) Whether other experts need to be consulted. If so, their credentials should
be confirmed in advance
3) Whether any prior valuations/offers/discussions, etc have been prepared for
the asset/company
4) Valuator provides listing of types of documents needed (can occur after
signed engagement is received)
What is an engagement letter? Answer - A summary of the CBV's
understanding of the terms of the engagement. Details from the initial client
meeting should be an integral part of the letter
The letter is the contract for the valuation work performed, to safeguard both
the client and the CBV
What should an engagement letter include? Answer - 1) The client
2) Purpose of the assignment
3) Role of the valuator
4) Key dates (e.g. valuation date)
5) Definition of value used
6) The entities being valued
7) An outline of work to be performed and timeframe
8) Payment terms/details, including an estimated cost
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