(Construction) - Code of professional ethics for price appraisers including the following requirements: Integrity; independent and objective; professional competence; security; professional behavior.
The Ministry of Finance is collecting comments from the people with the draft Circular promulgating the Vietnam Valuation Standards on the code of ethics of appraisers.
According to the draft, the code of ethics for price appraisers includes the following requirements: Integrity; independent and objective; professional competence; security; professional behavior.
Integrity is directness and honesty in professional and professional relationships. Appraisers must not use false information, or information given carelessly or without basis. The appraiser must not omit necessary information which, if lacking, may mislead users of the valuation report.
In case of detecting false content related to the issued price appraisal results, the appraiser must immediately notify the price appraisal customer and take appropriate corrective measures.
Independent, objective
The appraiser, when making professional judgments, is unbiased, free from conflicts of interest, and free from any material or moral interest that falsifies the appraisal results. pricing.
For situations that reduce independence and objectivity, it is necessary to apply safeguards, assess the impact and notify the client (and users of the valuation results) on a consistent basis. adhere to confidentiality principles. Where there are no safeguards in place to limit or eliminate threats to independence and objectivity, consideration should be given to refusing to conduct such a valuation.
When conducting regular and periodic price appraisal for the same asset, the valuation enterprise should take measures to ensure the objectivity and independence of the valuation results such as assigning someone to review the appraisal results. or periodically change the person conducting valuation activities for that property.
Professional competence
According to the draft, price appraisers need to have legal knowledge, professional knowledge on valuation and practical skills necessary to carry out valuation.
Have professional capacity and maintain their professional competence in valuation activities by learning and cultivating new knowledge about appraisal as well as practicing skills in conducting appraisal activities. pricing.
Make sure those assisting you in your professional work are also properly trained and qualified to work under the close supervision of an appraiser.
In case the assessor finds that he/she does not have the necessary professional capacity and experience to carry out a specific valuation, the appraisal must be refused.
Information security
The price appraiser may not disclose information that is requested by the customer to be confidential but learns when performing the valuation activity without the consent of the customer of the valuation or not permitted by law. In case the appraisal has been completed, the confidentiality requirements must still be complied with.
Not to use the information requested by customers to keep confidential obtained in the process of providing valuation services to serve their own interests or the interests of a third party.
Measures should be taken to avoid the disclosure of confidential information by the appraisers and consultants.
Professional behavior
The price appraiser shows the attention and effort when providing valuation services to customers, ensuring that the appraisal complies with the regulations of the valuation standard system and other regulations of the law. relevant law.
Show responsibility to customers, as well as the public interest. Professional judgments should take into account the wide-ranging impact (if any) on third parties such as corporate shareholders or investors in funds.
