Avantia's Independent Certified Fair Market Value Reports Comply With Local and International Standards
The Internationally accepted Universal Standard of Professional Appraisal Practice (USPAP) is a set of rules designed to promote and maintain a high level of public trust in Valuation Practice by establishing minimum standard requirements for Valuers. The development of “trust” between the General Public and the Professional Valuer is also inherent in other professions such as Medical and Legal Practices.
Contained within this notion of ‘Trust” is a relationship that requires the professional to provide more than their skill or expertise. There is a distinct ethical obligation to act on the behalf of the public’s interest, not out of Self Interest.
In June 2006 the US Based Appraisal Foundation signed an agreement with the International Valuation Standards Committee (IVSC) to harmonize USPAP as the International Standard for Valuations. The IVSC is a Non-Government- Organisation member of the United Nations and works Cooperatively with organizations like the World Bank, OECD, International Federation of Accountants, International Accounting Standards Board and others including Valuation Societies throughout the world to harmonize and promote agreement and understanding of Valuation Standards.
APES 225 took effect on 1 January 2009 and was revised in May 2012, December 2015 and March 2018. The revised standard is effective for valuation engagements or assignments commencing on or after 1 July 2018. It requires valuer's in Australia to adhere to its mandatory requirements when they perform a valuation engagement or assignment. It is similar in intent to USPAP though only applicable to Australian practitioners.
An Expert Witness can be an expert with knowledge or experience of a particular field or discipline beyond that to be expected of a layman. The Expert Witness’s duty is to give to the Court or tribunal an impartial opinion on particular aspects of matters within his expertise which are in dispute.
AVANTIA'S VALUATION REPORTS HAVE BEEN ACCEPTED AS 'EXPERT WITNESS REPORTS'
An Expert Witness will:
Provide an independent expert opinion in their area of expertise on the subject matter in accordance with the instructions they are given. These instructions will be shown in the Expert Witness’s Report which will be seen by the other side and the Court.
Provide the opinion in the form of a report and/or evidence before a Court (or another tribunal) as required. The report is required as it is not usually possible for the Expert to give evidence without it.
Ensure the Expert’s Report provided to you contains the information required by the Court Rules. If you proceed you will have to give a copy of the report to the other side in the dispute. At that time a copy of the other side’s Expert’s Report will be given to you.
Comply with the specific procedure rules applicable and any Court or tribunal Orders in the case.
Provide truthful, impartial and independent opinions whether or not these opinions favor their client's case.
An expert witness has an overriding duty to the Court (or another tribunal). This duty supersedes any duty owed to their client even though you are still responsible for paying the expert’s fees.
The Court expects an expert witness to be independent and impartial and will discount the evidence of one who is or is seen to be partisan.