How to develop and support a credible opinion of value based on a foundational framework This book provides knowledge and guidance to valuation practitioners on achieving a new level of professionalism and credibility, as well as to those stakeholders in the valuation process in need of assessing the credibility of an appraiser's work product for decision-making purposes. It introduces a well defined framework of key credibility concepts and procedures at each step of the appraisal process, including reasonableness tests, valuation methodologies, financial analysis, economic and industry…mehr
How to develop and support a credible opinion of value based on a foundational framework
This book provides knowledge and guidance to valuation practitioners on achieving a new level of professionalism and credibility, as well as to those stakeholders in the valuation process in need of assessing the credibility of an appraiser's work product for decision-making purposes. It introduces a well defined framework of key credibility concepts and procedures at each step of the appraisal process, including reasonableness tests, valuation methodologies, financial analysis, economic and industry analysis, engagement planning, and informed judgment. Provides needed guidance to valuation practitioners to enhance their valuation practice and improve the credibility of the appraiser's work product Offers guidance to stakeholders in the valuation process in need of assessing the credibility of an appraiser's work product for decision-making purposes
Get foundational framework appraisal advice with the proven guidance found in Determination of Value.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Francisco "Frank" ROSILLO, CPA, ABV, ABAR, CBA, CVA, CFE, CFF, CFFA, is the managing director of the Valuations and Forensics Advisory, LLC. Serving an international clientele, the firm provides business valuations, mergers and acquisitions transactions, and forensic accounting advisory services. Rosillo is a frequent national lecturer and trainer in valuation and forensic accounting topics. He has authored Institute of Business Appraisers (IBA) and National Association of Certified Valuators and Analysts (NACVA) courses and the practice aid, Business Appraisal Review. Frank also teaches a five-day NACVA Appraisal Review Workshop and is a member of the Board of Governors of the Institute of Business Appraisers. He has been the recipient of several CPA accounting professional awards in business valuations and litigation support. His financial expert witness experience includes cases in federal and state courts.
Inhaltsangabe
Preface xi Acknowledgments xiii Chapter 1: The Problem 1 In Search of a Truth 1 The Assurance Expert 4 Credibility Is Not Synonymous with Truth 7 Where Do We Go from Here? 8 Chapter 2: The Solution 9 Toward a Defi nition of Credibility 9 The Attributes That Make You Credible 10 Operational Credibility Attributes 11 Personal Credibility Attributes 19 General Observations about "Credibility" 21 Credibility Is Not Synonymous with Truth 23 Don't Confuse Opining with Decision Making 25 Beware of Black Box Opinions 26 Conclusion 26 Chapter 3: The Credibility Pyramid and the Importance of a Well-Defined Analytical Process 29 The Importance of Process 29 The Valuation Process 31 The Credibility Pyramid 34 Three Problem-Solving Phases 36 Conclusion 41 Chapter 4: Pyramids, Not Castles 43 Why Is Credibility Important? 44 Reasonable Assurance 47 Generally Accepted Practices 50 Generally Accepted Practices Lead to Uniformity and Professional Consensus 54 Analytical Gaps 55 Informed Judgment 56 Conclusion 59 Chapter 5: Climbing the Credibility Pyramid 61 The Importance of Revenue Ruling 59-60 61 Identification of Key Pre-Engagement Parameters 63 Planning to Acquire Knowledge about the Subject 65 General Planning Considerations 69 The Importance of the Standard of Value as You Climb the Pyramid 79 Self-Assessment Tools 83 Stepped Reading 87 Conclusion 88 Chapter 6: How to Develop and Report Your Opinion 91 Practice Presenting Your Written Findings Orally 91 Valuation Adjustments 102 Description of a Benchmarking Methodology Used by Valuation Analysts 106 Benchmarking: Relative Weights and Qualitative Analysis 111 Make Sure There Are No Analytical Gaps in the Development and Derivation of Growth Rates 115 Incorporating Prospective Information That Is Presented into Your Opined Results 119 Reporting Your Opined Results 126 Conclusion 129 Chapter 7: Reasonableness Tests 131 Determining Reasonableness 132 Example 1: Derived Estimate of Value 136 Example 2: Guideline Company Method 139 Example 3: Use of Market Multiples 144 Example 4: Federal Tax Compliance 145 Conclusion 146 Chapter 8: Enhancing the Integrity of Your Opinion 149 Understanding the Credibility Threshold 150 Understanding the Scope Undertaken 152 Understanding Analytical Responsibilities and the Impact of Matter/Cause/Effect Analysis 154 Conduct Your Analysis within the Parameters of the Economic Reality Relevant to the Facts and Circumstances 156 Maintain a High Level of Professional Skepticism and Engagement Awareness 157 Review Your Analytical Process for Relevance and Typical Common Errors 160 Be Ready to Respond to Ethical Challenges 162 Enhancing the Integrity of Your Opinion When at Trial or in Hearings 163 Enhancing the Integrity of Your Opinion When at Deposition 166 Conclusion 166 Chapter 9: Reviewing the Work of Others 169 Review Engagement Procedures to Consider 170 Preparing a Document Request for a Review Engagement 172 The Role to Be Assumed: Reviewing Expert or Reviewing Consultant 173 Limiting Conditions and Assumptions 174 Determining an Appropriate Scope for Your Review 175 Minimum Scope Considerations in a Review Engagement 177 Conclusion of a Business Appraisal Review Engagement 177 Business Appraisal Review Opinion 178 Reviewer's Independence 182 Common Errors and Analytical Gaps Found in Valuation Reports 183 Conclusion 188 Chapter 10: The Journey Continues 189 Definition of Credibility 189 Attributes Attached to a Credible Opinion 190 Separating Decision Making from Opining 192 A Note on Generally Accepted Principles and Practices 193 A Definition of the Concept of Informed Judgment 193 Suggestions for Assessing Your Own Methodology--the Importance of Reasonableness Tests 194 Suggestions for Enhancing the Integrity of Your Opinion 194 Conclusion 195 Appendix 197 About the Author 209 Index 211
Preface xi Acknowledgments xiii Chapter 1: The Problem 1 In Search of a Truth 1 The Assurance Expert 4 Credibility Is Not Synonymous with Truth 7 Where Do We Go from Here? 8 Chapter 2: The Solution 9 Toward a Defi nition of Credibility 9 The Attributes That Make You Credible 10 Operational Credibility Attributes 11 Personal Credibility Attributes 19 General Observations about "Credibility" 21 Credibility Is Not Synonymous with Truth 23 Don't Confuse Opining with Decision Making 25 Beware of Black Box Opinions 26 Conclusion 26 Chapter 3: The Credibility Pyramid and the Importance of a Well-Defined Analytical Process 29 The Importance of Process 29 The Valuation Process 31 The Credibility Pyramid 34 Three Problem-Solving Phases 36 Conclusion 41 Chapter 4: Pyramids, Not Castles 43 Why Is Credibility Important? 44 Reasonable Assurance 47 Generally Accepted Practices 50 Generally Accepted Practices Lead to Uniformity and Professional Consensus 54 Analytical Gaps 55 Informed Judgment 56 Conclusion 59 Chapter 5: Climbing the Credibility Pyramid 61 The Importance of Revenue Ruling 59-60 61 Identification of Key Pre-Engagement Parameters 63 Planning to Acquire Knowledge about the Subject 65 General Planning Considerations 69 The Importance of the Standard of Value as You Climb the Pyramid 79 Self-Assessment Tools 83 Stepped Reading 87 Conclusion 88 Chapter 6: How to Develop and Report Your Opinion 91 Practice Presenting Your Written Findings Orally 91 Valuation Adjustments 102 Description of a Benchmarking Methodology Used by Valuation Analysts 106 Benchmarking: Relative Weights and Qualitative Analysis 111 Make Sure There Are No Analytical Gaps in the Development and Derivation of Growth Rates 115 Incorporating Prospective Information That Is Presented into Your Opined Results 119 Reporting Your Opined Results 126 Conclusion 129 Chapter 7: Reasonableness Tests 131 Determining Reasonableness 132 Example 1: Derived Estimate of Value 136 Example 2: Guideline Company Method 139 Example 3: Use of Market Multiples 144 Example 4: Federal Tax Compliance 145 Conclusion 146 Chapter 8: Enhancing the Integrity of Your Opinion 149 Understanding the Credibility Threshold 150 Understanding the Scope Undertaken 152 Understanding Analytical Responsibilities and the Impact of Matter/Cause/Effect Analysis 154 Conduct Your Analysis within the Parameters of the Economic Reality Relevant to the Facts and Circumstances 156 Maintain a High Level of Professional Skepticism and Engagement Awareness 157 Review Your Analytical Process for Relevance and Typical Common Errors 160 Be Ready to Respond to Ethical Challenges 162 Enhancing the Integrity of Your Opinion When at Trial or in Hearings 163 Enhancing the Integrity of Your Opinion When at Deposition 166 Conclusion 166 Chapter 9: Reviewing the Work of Others 169 Review Engagement Procedures to Consider 170 Preparing a Document Request for a Review Engagement 172 The Role to Be Assumed: Reviewing Expert or Reviewing Consultant 173 Limiting Conditions and Assumptions 174 Determining an Appropriate Scope for Your Review 175 Minimum Scope Considerations in a Review Engagement 177 Conclusion of a Business Appraisal Review Engagement 177 Business Appraisal Review Opinion 178 Reviewer's Independence 182 Common Errors and Analytical Gaps Found in Valuation Reports 183 Conclusion 188 Chapter 10: The Journey Continues 189 Definition of Credibility 189 Attributes Attached to a Credible Opinion 190 Separating Decision Making from Opining 192 A Note on Generally Accepted Principles and Practices 193 A Definition of the Concept of Informed Judgment 193 Suggestions for Assessing Your Own Methodology--the Importance of Reasonableness Tests 194 Suggestions for Enhancing the Integrity of Your Opinion 194 Conclusion 195 Appendix 197 About the Author 209 Index 211
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