BUSINESS VALUATION ENGAGEMENT

LETTER – REGULATIONS ADOPTED IN

SELECTED STANDARDS1
Michał Grudziński2

Summary
The article presents conclusions drawn from the analysis of regulations concerning the issue of the content of
business valuation engagement letter. The analysis covered regulations appearing in eight business valuation
standards used in Australia, New Zealand, Hong Kong, Canada and the USA. Author also took into
consideration two international standards. The first part of the article reviews business valuation standards
valid in selected countries. The second part presents regulations valid while signing a contract for business
valuation, included in analyzed standards. The final part of the article compares identified regulations, focusing
on information that should be included in business valuation engagement letter .

JEL classification: G18, G28, G38

Keywords: standards, business valuation, engagement letter

Received: 1.07.2011 Accepted: 14.11.2011

Introduction
Business valuation is one of key challenges in contemporary economics. Its significance
results from growing demand for reliable value assessment. One of the conditions of
achieving such assessment is to use appropriate procedures and valuation methods. The
choice of a proper method depends on whether the principal precisely defines the task that the
agent undertakes. In order to avoid potential misunderstandings between the parties, a written
contract is recommended (Mellen and Sullivan, 2007; Reilly, 2007; York, 2003). However,
we face the problem of what the content of such contract should be. The answer can be found
in the business valuation standards. Since there are a number of such regulations used all over
the world, it is worth discussing where they differ. The aim of this article is to present the
conclusions made on the basis of the analysis of regulations concerning the issue of business
valuation engagement letter3 included in ten selected standards concerning business valuation.

1
Scientific work financed from resources for science in 2010-2013 as a research project.
2
M.S. Michał Grudziński, The Department of Investments and Companies Rating, Institute of Economics and
Organization of Companies, The Faculty of Economics and Management, Szczecin University,
michal.grudziń[email protected], www.standardywyceny.pl.
3
For the purpose of this article by “engagement letter” we understand a contract in which a person or an
institution obliges themselves to conduct the valuation of the whole company, organized part of company or
shares in owner’s capital.
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Selected standards used in business valuation
Business valuation standards define basic requirements that people assessing company value
must meet. The norms included in them regulate both ethical and methodological issues
(Szymański, 2008; Zarzecki, 2009; Borowiecki, Jaki, Czaja, Kulczycki, 2002, p. 71-82; Jaki,
2006, p. 59-73). The first regulations of this type appeared in the USA at the beginning of the
second half of the last century. Their initiators were organizations associating real estate
surveyors (Leet, 2001). Together with the development of the business valuation market, the
need for adopting similar regulations was discerned in other countries. Currently business
valuation standards are developed and applied by organizations operating in Australia, Hong
Kong (China), Canada, New Zealand, and many other countries (see Table 1).4

Table 1: Analyzed standards of business valuation

No. Abbreviation Standard Organization Country

Advisory Engagement
Institute of Chartered
Standard 2. Independent
1. AES 2 Accountants of New New Zealand
Business Valuation
Zealand (ICANZ)
Engagements
Statements on Standards for
Valuation Services. Valuation American Institute of
2. AICPA SVSS of a Business, Business Certified Public USA
Ownership Interest, Security, Accountants (AICPA)
or Intangible Asset
Accounting Professional and Accounting Professional
3. APES 225 Ethical Standards 225 and Ethical Standards Australia
Valuation Services Board (APESB)
ASA Business Valuation American Society of
4. ASA BVS USA
Standards Appraisers (ASA)
The European Group of
European Valuation Standards
5. EVS Valuers’ Associations -
2009
(TEGoVA)*
Standard No.110. Valuation
Reports. Report Disclosure
Standards and
Recommendations. The Canadian Institute of
6. CICBVS Chartered Business Canada
Standard No.120. Valuation Valuators (CICBV)
Reports. Scope of Work
Standards and
Recommendations.

4
Also German-speaking countries have rich experience in developing regulations concerning business valuation
(Austria, Germany, Switzerland). Due to limited size of this article, the solutions used in these countries were not
taken into account in our analysis (Borowiecki, Jaki, Czaja, Kulczycki, 2002).
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No. Abbreviation Standard Organization Country

Standard No.130. Valuation

Report. File Documentation
Standards and
Recommendations.
The Hong Kong Business The Hong Kong
Hong Kong
7. HKBVF BVS Valuation Forum Business Business Valuation
(China)
Valuation Standards Forum (HKBVF)
The Institute of Business
8. IBA BVS Business Appraisal Standards USA
Appraisers (IBA)
International Valuation
International Valuation
9. IVS Standards Council -
Standards 2007
(IVSC)*
National Association of National Association of
10. NACVA PS Certified Valuation Analysts Certified Valuation USA
Professional Standards Analysts (NACVA)
* Polish publication was developed by the Polish Federation of Real Estate Surveyors’ Associations.
Source: Own work

In the globalization era, manifested in attempts at uniform regulations covering the whole
globe, there are also some attempts at creating international valuation standards. As an
example we can bring up European Valuation Standards (EVS) and International Valuation
Standards (IVS). The former were developed by The European Group of Valuers’
Associations (TEGoVA). The regulations they contain refer mostly to real estate valuation
(European Valuation Standards 2009, sixth edition, 2009). The latter were published by
International Valuation Standards Council (IVSC) and, unlike the EVS, also deal with other
issues (for example valuation of machines and equipment, intangible and legal values,
movable goods and objects of historic value). Separate regulations were devoted to business
valuation (International Valuation Standards 2007, eighth edition, 2009).
Attempts at developing business valuation standards are also made in Poland (Patena,
Maślankowski, 2010; Szymański, 2009, 2010). One of the first was made by the Polish
Society of Appraisers, established in 2004. This organization was created by a group of
practitioners working in consulting companies, but it failed to integrate the community of
appraisers strongly enough to develop commonly acceptable standards. Another initiative
concerning introduction of this type of regulations was undertaken in winter of 2008 by the
Polish Federation of Valuers’ Association (PFVA). A team of experts was appointed by this
organization to develop minimum requirements to be met for the properly conducted
valuation. The team’s work resulted in Interpretation Note No 5 of Common National
Valuation Principles (PKZW) called “General principles of business valuation”, which was
accepted by the National Board of PFVA at its meeting on 11th April 2011 (Common
National Valuation Principles, Interpretation Note No 5, General principles of business

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valuation, 2011). The Note has been valid for a too short period to evaluate its influence on
the Polish market of business valuation.

Regulations defining procedures of accepting business valuation

engagement
The answer to the question of what the content of the business valuation assignment should be
according to analyzed standards, starts with identification of regulations determining this
issue.
In standards developed by Institute of Chartered Accountants of New Zealand (ICANZ),
regulations determining the business valuation assignment were included in the chapter called
Terms of Engagement. Regulations concerning this issue were arranged into four paragraphs.
The first one brings regulations related to the necessity of documenting terms of engagement.
The second one justifies the need for written engagement. The third paragraph lists basic
information that should be included in the valuation engagement. The last paragraph
determines ways of documenting the terms of engagement in case of business valuation made
for court proceedings (AES-2 Independent Business Valuation Engagements, 2003).
A wider look at the issue of business valuation engagement can be found in standards used by
American Institute of Certified Public Accountants (AICPA). In the chapter called Overall
Engagement Considerations regulations concerning this issue were presented in eight
sections. The first one brings a list of factors to be analyzed by an appraiser to make sure that
he or she has sufficient competencies to fulfill the conditions of the contract. The second
presents the list of information facilitating understanding the type and risk involved in a
particular valuation and client’s expectations. The next two cover regulations concerning
objectivity and independence of a person making valuation. The next section focuses on
procedures preventing misunderstandings in contacts with clients. The next two contain
stipulations regulating the way limiting assumptions and conditions are presented in the
contract. The final section shows how to include the necessity of employing other specialists
in terms of contract (Statement on Standards for Valuation Services, Valuation of a Business,
Business Ownership Interest, Security, or Intangible Asset, 2007).
In standards developed by Accounting Professional and Ethical Standards Board (APESB)
the issue of valuation engagement was regulated in paragraph 4, called Professional
Engagement and other matters. In its first point the issue of documenting and presenting the
terms of contract was discussed, referring to regulations from APES 305 Terms of
Engagement. The second point brings regulations concerning contacts of an appraiser with a
potential client. Detailed regulations governing this issue are presented in section 210
Professional Appointment of the Code of Ethics (APES 305 Terms of Engagement, 2007;
APES 225 Valuation Services, 2008; Compiled APES 110 Code of Ethics for Professional
Accountants, 2008).
In standards used by American Society of Appraisers (ASA) regulations defining the content
of valuation engagement are included in BVS-I General Requirements for Developing a
Business Valuation standards. The regulations it contains postulate determining the type and
kind of the contract and contain a list of information to be identified and explained while
making business valuation (ASA Business Valuation Standards, 2008).

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Quite detailed regulations concerning valuation engagement can be found in standards
developed and used by The Canadian Institute of Chartered Business Valuators (CICBV).
Regulations related to this issue are placed in standards No 120 and 130 (Standard No. 120.
Valuation Reports - Scope of Work Standards and Recommendations, 2004; Standard No.
130. Valuation Reports - File Documentation Standards and Recommendations, 2004).
Standard 120 covers stipulations pointing at the need to document instructions received from
the valuation principal. Standard 130 describes the content of this kind of documentation.
In EVS, regulations governing the issue of valuation commissioning are listed in point 3 –
Conditions of commissioning – of the EVS 4 – Valuation Process. It presents general
guidelines concerning the form and content of the engagement and the way of documenting
essential problems appearing while performing the engagement (European valuation
standards. 2009, 6th edition, 2009, p. 45).
Relatively precise instructions on the content of valuation engagement can be found in
HKBVF BVS. Regulations governing this section are covered by chapter 7 called Guidance
Notes. It emphasizes that the agent must possess the price estimate of a written engagement
confirming instructions passed by the client. Then, the detailed content of the engagement is
described (The Hong Kong Business Valuation Forum. Business Valuation Standards, 2005).
Precise regulations referring directly to the content of valuation contract are in standards used
by The Institute of Business Appraisers (IBA). Regulations governing this issue are in chapter
seven - Conducting a Business Appraisal Assignment. It contains a list o several categories of
information requiring identification, documentation and presentation in the description of the
valuation contract (Business Appraisal Standards, 2001).
In standards used by National Association of Certified Valuation Analysts (NACVA)
regulations concerning the valuation contract are in a chapter called General and Ethical
Standards. They regulate, for example, such issues as the form of contract and the way of
making amendments to it. A detailed list of information to be identified and defined in order
to determine the scope of valuation are presented in a chapter called Development Standards,
(National Association of Certified Valuation Analysts Professional Standards, 2008).
Concrete requirements on the content of valuation engagement are also determined in IVS.
The list of information to be included in the engagement can be found in point 5.1 of the
Interpretation guidelines WI 6. Business valuation (International valuation Standards 2007,
eighth edition, 2009).

The content of the valuation engagement letter according to selected

valuation standards
The next stage of conducted research brought comparison of analyzed regulations focused on
types of information which should be included in business valuation engagement. Information
indicated in standards was grouped into ten categories. The criterion of selecting a particular
type of information was its appearance in regulations of at least three analyzed standards (see
Table 2).

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 Table 2: The content of the business valuation engagement letter according to regulations from selected valuation standards
Standard
No. Description AICPA
AES-2 APES ASA BVS CICBV PS EVS 2009 HKBVF BVS IBA BAS IVS 2007 NACVA PS
SSVS

Aim and intended use of APES 305; s. 5; S. No. 130, s. 16; s. 213;
1. s. 4; p. 15 s. 11; p. 17. p. 7.1 (c) s. 5; p. 3.3 d.
valuation s. 4, p. 4.2, 4.5 p. II B. 2. p. 5. B. p. 7.1.1.2 p. 5.9.5.

Identification data of the s. 5; p. II B. s. 16; p. 7.1 (a)-(b), s. 213;

2. s. 5; p. 3.3 a-b.
valuation subject 4-8. p. 7.1.1.2 (g) p. 5.9.1, 5.9.4.

Data concerning valuation s. 5; s. 16;

3. s. 6; p. 3.3 g.
clients p. II B. 1. p. 7.1.1.2

s. 5; s. 16; s. 213;
4. Date of valuation p. 7.1 (f) s. 5; p. 3.3 c.
p. II B. 12. p. 7.1.1.2 p. 5.9.2.
s. 5;
5. Premise of value p. 7.1 (d) s. 6; p. 3.3 f.
p. II B. 10.
s. 5; S. No. 130,
6. Type of valuation report s. 11; p. 17. p. 7.1 (i)
p. II B. 3. p. 5. B.

Method of determining APES 305;

7. s. 4; p. 16 s. 45, p. 3.
appraiser’s remuneration s. 5, p. 4.8
Standard of value s. 5; s. 16; s. 213;
8. s. 11; p. 17. p. 7.1 (d) s. 5; p. 3.3 e.
(basis of value) p. II B. 9. p. 7.1.1.2 p. 5.9.3.

Accepted assumptions and APES 305; s. 5; p. II B. s. 16;

9. s. 4; p. 16 s. 11; p. 17. s. 45, p. 3. p.7.1 (h), (l) s. 6; p. 3.3 i-j.
constraints s. 4, p. 4.3-4.4 13-14. p. 7.1.1.2

APES 305; s. 5; s. 16; p. 7.1 (e), s. 6; p. 3.3

10. Other information s. 11; p. 17. s. 45, p. 3.
s. 5,p . 4. p. II B. 11. p. 7.1.1.2 (j)-(k) h, k-l.

Source: Own elaboration

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Aim and intended use of valuation
Basic information that should be included in the valuation engagement is the aim and
intended use of valuation. Regulations governing it are incorporated into nine out of ten
analyzed standards. Three of them (ASA BVS, HKBVF BVS, NACVA PS) also stipulate that
engagement should contain data concerning valuation clients. As the value of each enterprise
may significantly vary depending on the circumstances of valuation (Matschke i Brösel, 2011)
the valuation contract should clearly specify that the opinion concerning the value of the
company can be used only on a particular day and for defined purposes.
Precise indication of the valuation aim is of key importance for the process of value
assessment. The purpose of the valuation affects, for example, the choice of methods and
accepted assumptions (Zarzecki, 1999, p. 59; Pratt, 2006, p. 176-178). In some cases, the aim
and intended use of valuation also determine the type of regulations governing procedures that
should be followed in assessing the company value. For example, in Poland, in valuations
made for the purpose of privatization, procedures defined in the Regulation of the Council of
Ministers on analyses of companies conducted before offering their shares belonging to
Treasury are required (2011; Borowiecki, Jaki, Czaja, Kulczycki, 2002). A similar situation
can be observed in case of valuations made for the purpose of accounting. When preparing
this type of valuation appraiser must observe the stipulations of the Act on Accounting
(1994), International Accounting Standards (IAS) or International Financial Reporting
Standards (IFRS).
A properly formulated aim of valuation should indicate the subject of valuation, type of value
and date of valuation. For example, instead of stating that “the aim of the valuation is to
assess to value of ABC company (partnership)”, appraiser should state that “the aim of the
valuation is to assess fair market value of 1% of shares of ABC company as for the 31st
December 2011” (York, 2003).

The subject of valuation

Essential information that should find its way to the valuation engagement is the description
of the subject of valuation. Most standards containing this requirement do not specify a
detailed scope of information concerning this description. The issue is regulated in greater
detail by ASA standards (ASA Business Valuation Standards, 2008). According to their
stipulations, before commencing the valuation work, we should identify:
1) organizational form of the valued enterprise,
2) place of registering the economic activity (of the valued enterprise),
3) registered office of the valued enterprise.
The contract should also specify whether the subject of valuation is a defined number of
company shares or the whole company. In case of share valuation, we should additionally
indicate the so-called “level of value”. Generally speaking, by indicating the level of value we
can state whether valued shares allow us to control the company and what their level of
liquidity is (for example strategic control, financial control, “liquid” minority shares,
“illiquid” minority shares), (ASA Business Valuation Standards, 2008; Byrka-Kita, 2010).
We should also remember that it is not always necessary to possess 51% of shares in order to
control the company. In case of dispersed shares, to be able to effectively control the
company, it is enough to possess a smaller stock of shares (for example 30%).
According to the IVS regulations, the engagement should not only contain information on the
subject of valuation, but also data concerning its owner. Similar regulations can be found in

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standards developed by IBA. They require determining who is the owner of the valued
company and who controls it.

Date of valuation
According to regulations of five analyzed standards, essential information which should be
included in the valuation engagement is valuation date, also known as appraisal date or
effective date. According to the definition included in International Glossary of Business
Valuation Terms the term “valuation date” means “the specific point in time as of which the
valuator’s opinion of value applies” (International Glossary of Business Valuation Terms
2001, 2001).

Standard of value
The basic information that should be included in the description of valuation engagement is
the definition of the type of value sought. Defining the sought category of value is one of the
initial and key stages in the process of business valuation (Zarzecki, 1999, p. 51-54). In
analyzed standards the definition of type of sought value is known as the standard of value or
the basis of value. The first term was defined in IGBVT and is used by organizations
operating, for example, in Australia, Canada, and the USA. On the other hand, the term “basis
of value” was introduced by IVS. The definition provided there is also used in EVS. A
different interpretation of this term can be found in standards developed within HKBVF.
In standards using definitions coming from IGBVT we distinguish the following examples of
standards of value: fair market value, fair value, investment value and intrinsic value.
Acceptable definitions of these categories of value may differ depending on the circumstances
of valuation (Fishman, Pratt, Morrison, 2007; Pratt, Defining Standards of Value). IVS and
HKBVF BVS regulations take market value as the basis of value. In justified cases, the
regulations of these standards allow the use of other categories of value. In such cases,
interpretation of this value is required as well as indication of how it differs from market
value.

Premise of value
In standards used by organizations operating in the USA, one of the most essential
information that should be included in the description of the engagement for business
valuation is the basic premise of value (Zarzecki, 1999, p. 51-54). According to the definition
adopted by IGBVT this term denotes basic assumption regarding the most likely set of
transactional circumstances that may be applicable to the subject valuation, such as going
concern or liquidation of the company (International Glossary of Business Valuation Terms,
2001).

Types of valuation reports

According to the regulations of some standards, an important element of the valuation
engagement is information on the type of report which is to be submitted to the owner. In
standards applied by AICPA, types of reports on valuation were listed in paragraph 48. It
states that the report form depends on the type of the engagement made. In case of valuation
engagement, obtained results may be presented in form of a detailed report or a summary
report. In case of calculation engagement, obtained results must be presented only in form of a
calculation report. The issue was similarly regulated in ASA standards. They do not contain a

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regulation demanding determination of the report form in the engagement, however they
stipulate defining the type of concluded contract (engagement). Apart from the appraisal
engagement and calculation engagement, ASA standards also distinguish the so-called limited
appraisal engagement (see Table 3).5

Table 3: Features type of engagements used in business valuation according to

regulation of ASA Business Valuation Standards
Appraisal Limited appraisal Calculation
Method of presenting one value or range One value or range One value or range
the result of values of values of values
Scope of analyzed
all essential limited may be limited
information
Applied procedures all relevant values limited limited
Applied approaches to assumed to be most may be agreed with
all relevant values
valuation relevant the principal
Source: Own elaboration, on the basis of ASA Business Valuation Standards, American
Society of Appraisers, Business Valuation Committee, Herndon 2008, s. 6

The regulations obliging the principal to indicate the expected type of report on valuation are
also included in standards used by CICBV. According to regulations of standard 110, there
are three types of reports: Comprehensive Valuation Report, Estimate Valuation Report,
Calculation Valuation Report. The differences between them are similar to those existing
between particular types of valuation engagements in ASA standards.

Methods of determining appraiser’s remuneration

According to standards accepted by ICANZ, APESB, TEGoVA, the description of the
valuation engagement should include information on the method of determining the
remuneration of the appraiser. The necessity to present this type of information prevents
parties from disputes which could appear over this issue in the future. Moreover, such
information limits the probability of unethical behavior. We should remember that the
appraiser should not apply for or accept the so-called contingent fee. In other words, their
remuneration should not depend on the obtained valuation. This principle was presented, for
example, in paragraph 12 of the AES-2 standard. Observing it is particularly important in case
of a valuation made for courts or tax institutions.

Other information
Some of the analyzed standards also indicate other information that should be incorporated
into the business valuation engagement. We could mention here the scope of responsibilities
of contracting parties (for example the necessity to provide current financial plans of the
valued enterprise), key information sources, information on ownership of documents (for
example report on valuation), as well as subcontractors and other specialists, the work of
whom the agent will take advantage of.

5
A similar solution was adopted in Interpretation Note No 5. Ogólne zasady wyceny przedsiębiorstw (2011).
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Conclusions
The variety of factors shaping the value of each company accounts for the fact that business
valuation is a difficult and time-consuming process. Experienced specialists in this area know
that the knowledge of methods, procedures, and even valuation standards, is not enough. Each
situation is unique and very often we face a number of potential solutions. Therefore, before
accepting the engagement of business valuation, a potential contractor should gather as much
information on the circumstances accompanying this engagement. In this way, the appraiser
will be able to determine whether their possessed qualifications are enough to perform the
task successfully. This will also allow them to avoid a potential conflict of interest, especially
in a situation where the principal is not the only client of the valuation. Collected information
should facilitate planning the work on completing the task. If appraiser know the approximate
time needed to perform it, he will find it easier to assess the value of expected remuneration.
In order to limit the risk of potential mistakes and misunderstandings, all gathered information
should be included in a written contract. In line with the regulations of analyzed standards,
such contract should include data on: aim and intended use of valuation, accepted standard of
value, subject of valuation, date of valuation, basic premise of valuation, type of expected
report and method of calculating the agent’s remuneration. We should remember that
standards offer only minimum scope of information to be included in the business valuation
engagement. The more precise the provisions of the contract, the more efficient the realization
process will be.

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University of Information Technology and Management
Sucharskiego 2
35-225 Rzeszów
ISSUE CO-FINANCED BY THE MINISTRY OF SCIENCE AND HIGHER EDUCATION
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Financial Internet Quarterly „e-Finanse” 2011, vol. 7, nr 4
www.e-finanse.com
University of Information Technology and Management
Sucharskiego 2
35-225 Rzeszów
ISSUE CO-FINANCED BY THE MINISTRY OF SCIENCE AND HIGHER EDUCATION