CVA Professional Standards and Ethics Flashcards
7 cards from real Certified Valuation Analyst practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 CVA Professional Standards and Ethics flashcards as text
Under NACVA Professional Standards, what is the primary purpose of a 'Calculation Engagement' as distinct from a 'Valuation Engagement'?
Answer: To apply only the procedures agreed upon with the client and arrive at a calculated value
A Calculation Engagement applies only agreed-upon procedures to reach a 'calculated value,' not a comprehensive conclusion of value.
A CVA discovers that a client wants the analyst to predetermine a value to support a litigation position. What does the NACVA ethics code require?
Answer: Decline to accept any predetermined or contingent outcome that impairs objectivity
NACVA standards prohibit accepting engagements where a predetermined value impairs the member's objectivity and independence.
Which document type under NACVA standards summarizes results with limited disclosure and is appropriate for a Calculation Engagement?
Answer: Calculation Report
A Calculation Engagement is reported via a Calculation Report, which carries limited disclosure requirements.
What standard requires a CVA to retain engagement documentation for a minimum period to support the conclusions reached?
Answer: The records retention provision of the Professional Standards
NACVA Professional Standards include a records retention requirement so documentation supports the analyst's conclusions.
A CVA is offered a contingent fee tied to the size of the valuation conclusion in a divorce matter. This is:
Answer: Prohibited because it impairs independence and objectivity
Contingent fees based on the valuation outcome are prohibited as they impair objectivity.
Under NACVA standards, what must an analyst do before relying on a specialist's report (e.g., a real estate appraiser)?
Answer: Assess the specialist's qualifications and the reasonableness of their work
The analyst must evaluate the specialist's professional qualifications and the reasonableness of their conclusions before relying on them.
What is the appropriate course of action when a CVA lacks the competence to complete a specialized portion of an engagement?
Answer: Obtain the needed competence, associate with a qualified person, or decline the work
The competence standard requires gaining the skill, partnering with a qualified professional, or declining the engagement.
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