6.03: Practice inspections by the CICBV
In 2017 the Canadian Institute of Chartered Business Valuators (CICBV) introduced a mandatory Practice Inspection Program in terms of which any work product issued by a CBV and that is subject to the CICBV’s Practice Standards may be randomly selected for inspection. Practice Inspectors are qualified, independent and non-competing CBVs employed by the CICBV and are bound by strict ethical requirements and confidentiality.
The program applies to reports issued on or after January 1, 2018.
The CICBV’s Practice Inspection Program is designed to enhance the reputation of the valuation profession in Canada and internationally.
The CICBV’s Practice Inspection Program requires that work prepared for clients’ use by a CBV may be randomly selected for inspection in terms of the program. Clients are therefore asked to agree that such work product and supporting files may be made available to CICBV Practice Inspectors.
Contact MVI if you have any concerns with the CICBV’s Practice Inspection Program.