International Business Valuers Association Valuers

Transcript:International Business Valuers Association Valuers:
International Business Valuers Association Valuers – Professional Ethics and Standards - CA Avineesh Matta Learning Objectives What & Why of us? Role of Professional valuers Entry in profession & Remaining Relevant? Competency framework How to conduct ourselves? Code of ethical principles for professional valuers Following Valuation Standards Curriculum 1 - Code of Conduct for Valuers Model Code of Conduct under the Companies (Registered Valuers and Valuation) Rules, 2017 - professional competence and due care, independence and disclosure of interest, confidentiality, information management, gifts and hospitality, Integrity and fairness, remuneration and costs, occupation, employability and restrictions, business ethics 2 - Conduct of Valuation Ethical considerations under terms of engagements - engagement letter, management representation, guidance on use of work of experts, independence and conflict of interest, quality review process of valuers, rights and responsibilities of valuers Evolution & Development Early days ‘Institution of Surveyors’ came up in 1950 with the primary objective of advancing and regulating the various disciplines of surveying. Licentiates under Insurance Act, Chartered Engineers ‘Institution of Valuers’, which came up in 1968, is probably the first VPO in the country and probably the largest one. Incorporated by the Royal Charter in 1881, Royal Institution of Chartered Surveyors (RICS) is probably the oldest, largest and most respected professional body for valuation. From informal to formal Sec. 247 of CA 2013 & The Companies (Registered Valuers and Valuation) Rules 2017 Self – regulation to co-regulation Standardization IVS, Red Book, Indianized Evolution - Regulating the Profession & Professional Protection of interests of professionals in initial days Development of Profession Regulating the Profession Protection of the Interests of users of professional services Role of Professional valuers Service to society Authentic valuations to serve as reference for evaluation of choices and decision making “सुखस्य मूलं धर्मः, धर्मस्य मूलं अर्थः ” ( Sukhasya mulam Dharma; Dharmasya mulam artha) - Chankya The basis of happiness is righteousness (loosely translated), the basis of righteousness is wealth. Right to practise a profession carries a duty to protect the interest of society and is not a privilege for the benefit of the professional Unbiased, Independent and Objective Valuations Segments Immoveable Property Land & Building Agriculture Land Plantations Forest Mines & Quarries Plant & Machinery Jewellery Work of Art Life interest, reversions and interest in expectancy - Actuary Financial Assets & Securities Business Interest & Business Intangible Assets Financial Liabilities Statutory Role Valuation Services Required under Various Enactments The