NEW YORK (December 16, 2019): The American Institute of CPAs (AICPA), the American Society of Appraisers (ASA) and the Royal Institution of Chartered Surveyors (RICS) finalized the Quality Monitoring (QM) Program for the Certified in Entity and Intangible Valuations (CEIV) credential.
The QM Program ensures credential holders are complying with the CEIV’s Mandatory Performance Framework and the Application of the Mandatory Performance Framework (collectively the ‘MPF’), as well as educational, professional, and ethical requirements. Beginning January 1, 2020, all credential holders must comply with the QM program by completing an annual compliance assessment and maintaining credential requirements.
While credential maintenance requirements, such as continuing experience and education, have been in place since the CEIV credential was released in 2017, the new annual compliance assessment rounds out the QM program.
The assessment requires firms to report their policies and procedures to demonstrate how they are complying with the MPF. It is designed to provide ASA, AICPA and RICS the ability to identify areas where credential holders may need assistance to improve their compliance efforts. It is not intended to challenge valuation conclusions.
Credential holders will submit their first annual compliance assessment in 2021.
The CEIV credential was designed to enhance consistency and transparency in the fair value measurement process and is issued to valuation professionals who perform fair value measurements for businesses, business interests, intangible assets, certain liabilities, and inventory for financial reporting purposes.
For more information on the new QM Program or the CEIV credential, please visit www.ceiv-credential.org.
James Gallagher – AICPA
Todd Paradis - ASA
Amie Silverwood - RICS