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Article 5
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An expert shall confirm the following with the principal before undertaking a case to identify the scope of work:
- purpose and use of the opinion, and laws and regulations involved;
- contents of the object under review;
- record date of evaluation;
- reference on which the principal relies in determining the price (for example, the principal’s appraisal data or appraisal report, report issued by any other expert it engages, results of evaluation by the principal, etc., and working papers of such report or evaluation results, etc.)
- the opinion is issued based on the value of the object under review that is appraised by the expert itself, or on other expert report or the principal’s self-appraisal report with validation of the results of the principal’s evaluation;
- possible appraisal or valuation method or validation procedure to be adopted;
- role and responsibilities of and between each of the expert and other experts;
- time of issuance and restrictions on the use of the opinion;
- other important restrictions on the conditions and scope of engagement.
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