6.07: Objectivity of a CBV
It is easy to miss the difference between independence and objectivity which, superficially, appear to be the same concept.
Independence is a matter of fact – is the CBV free (or not) of any influence, interest or relationship which could affect his or her report? In some instances a CBV is permitted to be an advocate for the client (i.e. they are not independent and other parties are made aware of this fact).
On the other hand, objectivity is an attitude – does the CBV bring an impersonal and unbiased perspective to the engagement?
Even where a CBV is not engaged to act independently, he or she is still required to be objective.
Objectivity lies at the core of everything a CBV does.
For example, if a client is selling a business and would like to attain a price that is higher than fair market, the CBV may assist in the preparation of the selling documents with this in mind. However, it is still useful for the client to know, objectively, what the fair market value of the business is.
MVI ensures that all our work is conducted with an objective mindset.