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Authoritative professional standards ― VS section 100

(continued)

Overall engagement considerations (continued)

• Objectivity and conflict of interest

• Independence and valuation

– If clients are valuation and attestation clients, then they must comply with the “Performance
of Nonattest Services” interpretation (ET sec. 1.200.001)

• Establishing an understanding with the client, preferably in writing;

change if circumstances change

– Minimum requirements — Must state the following:

– Nature, purpose, and objective of the engagement

– Client’s and analyst’s responsibilities, assumptions, limiting conditions, type of report, and
standard of value

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