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 standards, what must a valuation report include regarding the analyst's assumptions?
Answer: A statement of the assumptions and limiting conditions relied upon
Reports must disclose the assumptions and limiting conditions underlying the conclusion.
A discount for lack of marketability (DLOM) is most appropriately applied to:
Answer: Interests in closely held companies with no ready market
DLOM compensates for the absence of a ready market, typical of closely held interests.
What does the CVA standard of 'due professional care' require during an engagement?
Answer: Diligence, competence, and thoroughness consistent with professional standards
Due professional care demands diligence, competence, and thoroughness aligned with professional standards.
When a CVA signs a valuation report, the signature primarily represents:
Answer: The analyst's professional responsibility for the conclusions
The signature signifies the analyst's professional responsibility for the report's conclusions.
Which standard of value reflects the value to a particular investor based on individual requirements and synergies?
Answer: Investment value
Investment value reflects worth to a specific investor considering their unique synergies and requirements.
A CVA learns that opposing counsel may misrepresent the analyst's testimony. The analyst should:
Answer: Clarify and correct the record to preserve the integrity of the opinion
The analyst must correct mischaracterizations to maintain the integrity and accuracy of the opinion.
Under the ethics code, continuing professional education (CPE) requirements exist primarily to:
Answer: Ensure members maintain competence and current knowledge
CPE requirements ensure members maintain ongoing competence and stay current with standards.
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