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ABV Exam Prep Section 1 Questions & Answers 2024/2025
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ABV Exam Prep Section 1 Questions & Answers 2024/2025 Determination of an Estimate of Value - ANSWERSThe act or process of using professional judgment and valuation approaches and methods to estimate the value of a business, ownership interest, security, or an intangible asset. Valuation En...

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  • September 9, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • abv exam prep section 1 questions answers 20242

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ABV Exam Prep Section 1 Questions &
Answers 2024/2025

Determination of an Estimate of Value - ANSWERSThe act or process of using professional judgment and
valuation approaches and methods to estimate the value of a business, ownership interest, security, or
an intangible asset.



Valuation Engagement - ANSWERSThe valuation analyst determines an estimate of the value of a subject
interest by performing appropriate valuation procedures as outlined in the AICPA Statement on
Standards for Valuation Services.



Calculation Engagement - ANSWERSValuation analyst and client agree on a valuation approach and
methods, and extent of procedures performed.



Detailed Report - ANSWERSReport is structured to provide sufficient information to permit intended
users to understand the data, reasoning, and analyses underlying the conclusion of value.



Summary Report - ANSWERSAbridged version of information provided in a detailed report.



Calculation Report - ANSWERSReport structured to provide the procedures, data, and analyses
underlying the calculated value.



Oral report - ANSWERSShould include all information necessary to relate scope, assumptions, limitations,
and results of the engagement. Should be documented in working papers.



Subsequent events - ANSWERSIf the valuation is meaningful to the intended user beyond the valuation
date, and of a nature and significance to warrant disclosure, subsequent events may be mentioned in a
separate section of the report.



Controversy proceedings - ANSWERSValuations performed for matters before a court, arbitrator,
mediator or other facilitator, or a matter in a governmental or administrative proceeding, are exempt
from reporting provisions of VS 100.

, AICPA Rule 1.100.001 (Integrity and Objectivity) - ANSWERSA member shall maintain objectivity and
integrity, shall be free of conflicts of interest, and shall not knowingly misrepresent facts or subordinate
his or her judgment to others.



AICPA Rule 1.200.001 (Independence) - ANSWERSIn general, independence would be impaired if a
member performs an appraisal, valuation, or actuarial service for am attest client where the results of
the service, individually or in the aggregate, would be material to the financial statements and the
service involves a significant degree of subjectivity.



AICPA Rule 1.300.001 (General Standards) - ANSWERSA member must comply with standards on
Professional Competence, Due Professional Care, Planning and Supervision, and Sufficient Relevant Data.



Professional Competence - ANSWERSUndertake only those professional services that the member or the
member's firm can reasonably expect to be completed with professional competence. Includes
identifying client needs, applying an analytical approach, and being knowledgeable about the technical
areas involved in the engagement.



Due Professional Care - ANSWERSExercise due professional care in the performance of professional
services. Requires diligence and critical analysis of all work performed, in accordance with AICPA
standards.



Planning and Supervision - ANSWERSAdequately plan and supervise the performance of professional
services. Consists of developing engagement objectives and translating them into the activities necessary
for the practitioner to form an opinion. Extent of supervision will vary but the practitioner is responsible
for the work performed.



Sufficient Relevant Data - ANSWERSObtain sufficient relevant data to afford a reasonable basis for
conclusions or recommendations in relation to any professional services performed. Nature and extent
will vary with each engagement.



How should a practitioner manage assumptions? - ANSWERSConsider analyzing key assumptions to
determine whether they are reasonable.

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