The Practice Inspection Program reflects the commitment of CBV Institute to deliver professional excellence in the highly specialized field of business valuation. It upholds the standard of professional practice expected of all CBVs and Students, maintaining public trust in the CBV profession.
Compliance with the Practice Inspection Program is mandatory. CBVs and Students who sign or otherwise take responsibility for a work product should advise clients at the start of an engagement that their work may be subject to selection for practice inspection. Institute Inspectors will have access to work products and supporting files.
The Practice Inspection Program was initiated in 2016 and work products were first subject to inspection as of January 1, 2018. The Institute began conducting practice inspections in 2019.
The Practice Inspection Program is in line with inspection programs of other professions, and serves to:
- Enhance the confidence that the public and regulatory or other bodies have in the CBV profession; and
- Assist in maintaining or improving the quality of services provided.
Mandatory Practice Inspection Policy
Details of the Practice Inspection Program are set out in the Mandatory Practice Inspection Policy
Practice Inspection Declaration
CBVs are required to submit an annual Practice Inspection Declaration whether or not they issued work products for the prior period which may qualify for practice inspection. The submission deadline for this declaration is March 1st each year.
Practice Inspection Checklists
The Practice Inspection Program covers inspection of completed work, including final reports and engagement-related working files, to determine whether:
- Applicable CBV Institute Practice Standards have been complied with
- CBV Institute’s Code of Ethics has been followed
- Technical aspects of analysis in support of a conclusion are consistent with
- The nature of the engagement
- The expected practice of a competent practitioner
Checklists used in the practice inspection process are available for review LOG-IN TO ACCESS
Report on Practice Inspection Results
Annual results of the Practice Inspection Program are reported and published by CBV Institute’s Practice Inspection Committee. The report summarizes areas where adherence to professional standards may be improved, to facilitate future compliance for all CBVs and Students.
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- Free Archived Webinar on the Practice Inspection Program
- Sample Practice Inspection disclosures
- Frequently Asked Questions
For enquiries on the Practice Inspection Program, please contact:
Catalina Miranda, CPA, CA, CBV
Director, Professional Practice