Determination of Value: Guidance on Developing and Supporting a Credible Opinions

CHAPTER NINE

Reviewing the Work of Others

WHENEVER YOU SET OUT TO review the work of another expert, a useful technique is to start out by posing the following question of that individual: Did you do what you said you were going to do?

A powerful approach to reviewing the work of another expert is to establish a clear definition of the original purpose that he or she intended to fulfill and then construct a review methodology designed to assess whether the methods and procedures that were undertaken accomplished that purpose—and thereby establish whether the opinion proffered can be worthy of belief.

A reviewer should also be credible in designing and executing a review engagement. Just as the reviewer is expected to determine the credibility of the person under review, the reviewer is also expected to be credible. From a quality review approach, the expressed objective of a business appraisal review is to determine that the approaches and methodologies used by [name of the appraiser] were relevant to the objectives and purpose(s), as stated in the appraisal report prepared by [name of the appraiser] and applied on a reliable basis that is consistent with generally accepted appraisal practices in the United States of America as of [date of the business appraisal report].

In that regard, the following are key areas to consider any time that you set out to review the work of another expert. A review is the act or process of developing and communicating an opinion about the quality ...