Practice Inspection Checklist

Limited Critique Reports– Practice Standards 410/420/430

Practice Standard 410 – Limited Critique Reports – Report Disclosure Standards
  1. No indication of inappropriate use of draft reports
/ Yes □ No □
  1. To whom the report is being provided (addressee)
/ Yes □ No □
  1. Statement of the nature of the mandate, including the purpose of the Limited Critique Report and the identification of the Original Report being reviewed
/ Yes □ No □
  1. Description of the shares, assets or interests being valued, or a description of the dispute and the events giving rise to the quantum of financial gain/loss in the Original Report, and the valuation or quantification date in the Original Report[Note: where the Reviewer is reasonably satisfied that the Original Report is available to the reader, this can be done via a reference to the Original Report]
/ Yes □ No □
  1. Date when pertinent information/discussions was last obtained and analyzed
/ Yes □ No □
  1. Where a Reviewer has previously issued a Valuation, Advisory, and/or an Expert Report dealing with the same subject matter as the Original Report, identification of any initial reports prepared by the Reviewer and a summary of their conclusions
/ Yes □ No □
N/A□
  1. Name of the firm responsible for the preparing the Limited Critique Report
/ Yes □ No □
  1. Where Limited Critique Report is prepared for litigation purposes, identification of the Reviewer
/ Yes □ No □
N/A□
  1. Statement that the Limited Critique Report was prepared by Reviewer acting independently and objectively
/ Yes □ No □
  1. Statement that the Reviewer’s compensation is not contingent on an action or an event resulting from the use of the Limited Critique Report
/ Yes □ No □
  1. Statement that the Limited Critique Report has been prepared in conformity with the Practice Standards of the CICBV
/ Yes □ No □
  1. Definitions of the terms of value used in the Limited Critique Report
/ Yes □ No □
  1. Scope of review including a clear summary of the specific information which was reviewed and relied upon
/ Yes □ No □
  1. Statement of key assumptions made in making Limited Critique Report comments (to the extent they differ from those in the Original Report)
/ Yes □ No □
  1. Disclosure of any restrictions that affect the Reviewer’s comments, as noted below:
a)Limitations or incomplete information, reasons given and the potential impact on the comments (where applicable)
b)Statement cautioning reader that it does not contain a conclusion as to the value of shares, assets or an interest in a business, or a conclusion as to the quantum of financial gain/loss and does not contain all adjustments, if any, the Reviewer may have found necessary to arrive at a conclusion on value or quantum of financial gain/loss / Yes □ No □
N/A□
Yes □ No □
Summary of Initial Observations – Practice Standard 410
# / Observed Deficiency / Notes From Discussion with Member/Registered Student
Practice Standard 420 – Limited Critique Reports – Scope of Work Standards
  1. Evidence of Reviewer obtaining clear instructions from the person requesting the Limited Critique Report (note: engagement letter is not a requirement)
/ Yes □ No □
  1. Evidence of work performed by person(s) having adequate technical training and proficiency (in financial analysis and/or business valuation concepts, principles and techniques)
/ Yes □ No □
  1. No indication of lack of due care
/ Yes □ No □
  1. No indication of lack of objectivity
/ Yes □ No □
  1. No indication of inadequate planning, execution or supervision of assistants
/ Yes □ No □
  1. No indication that the comments in the Limited Critique Report were not supported by sufficient evidence (based on inspection/inquiry/computation/analysis) considering the application of professional judgement by the Reviewer, the nature of the Limited Critique Report and its intended use
/ Yes □ No □
  1. No indication that access to essential information was denied or unavailable to the Reviewer without notation in the report of a qualification of conclusion and limitation in scope of work
/ Yes □ No □
  1. No indication that the Reviewer did not obtain a sufficient understanding of the subject of the Limited Critique Report
/ Yes □ No □
  1. No indication that the Reviewer did not obtain a sufficient understanding of the underlying business operations
/ Yes □ No □
Summary of Initial Observations – Practice Standard 420
# / Observed Deficiency / Notes From Discussion with Member/Registered Student
Practice Standard 430 – Limited Critique Reports – File Documentation Standards
  1. Work performed was documented and files maintained in an organized manner
/ Yes □ No □
  1. The form and extent of working papers appropriate for the circumstances and needs of the engagement for which they are prepared
/ Yes □ No □
  1. Identities of individual(s) performing the engagement documented
/ Yes □ No □
  1. Copy of the final issued report retained on file
/ Yes □ No □
  1. Engagement letter or a memo retained on file, either of which summarises the nature and purpose of the mandate, including the nature of the instructions received from the person requesting the Limited Critique Report
/ Yes □ No □
  1. Summaries of key meetings, discussions and correspondence retained on file
/ Yes □ No □
  1. Information relied upon is retained on file (or accessible by the Expert)
/ Yes □ No □
  1. Copy of the Original Report retained on file
/ Yes □ No □
Summary of Initial Observations – Practice Standard 430
# / Observed Deficiency / Notes From Discussion with Member/Registered Student

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