The Supervision Guidelines (also known as Appendix C) to the Australian Property Institute Valuers Ltd Professional Standards Scheme (‘APIV Scheme’) have been revised to remove the requirement for the ‘Supervising Member’1 to confirm that they are satisfied there is a reasonable basis for the value opinion contained in the valuation report prepared by the ‘Primary Valuer’2.
The ‘new’ Supervision Guidelines which apply to all APIV members, come into effect on Sunday 5 April 2020 have been updated as follows:
- The definition of ‘Review’ amended to remove reference to “… there is a reasonable basis for the value opinion ….” and replaced with “… there is a reasonable basis for the valuation process undertaken and methodology adopted by the Primary Valuer.”;
- Guideline 6 amended to relate to the “Competence of the Primary Valuer” only. The additional requirements for the Supervising Member have been removed as the Supervising Member is no longer confirming that there is a reasonable basis for the value opinion in the valuation report; and
- A new Guideline 7 has been added to provide an example of a “Countersignatory Declaration by the Supervising Member” and additional definitions to clarify what the terms ‘valuation process undertaken’ and ‘methodology adopted by the Primary Valuer’ mean for the purpose of the Countersignatory Declaration. This new Guideline 7 brings the Supervision Guidelines into line with the API Code of Professional Conduct (v. 15 June 2015), which states that where a member is acting in the capacity of a countersignatory, the extent of their involvement and the capacity in which they are signing must be clearly noted in the valuation report.
The ‘new’ Supervision Guidelines have been reviewed and approved by the APIV Board. These Guidelines apply to all APIV Members and come into effect on Sunday 5 April 2020.
The new PropertyPRO Supporting Memorandum and associated output reports, which also come into effect on 5 April 2020, will reflect the changes to the above noted Supervision Guidelines. The API Code of Professional Conduct will also be amended to reflect the same changes, effective as of 5 April 2020.
Please ensure that you review the new Supervision Guidelines and that any changes to your risk management practices and or valuation report templates also come into effect as of 5 April 2020.
A copy of the new Supervision Guidelines can be found on the APIV Professional Standards Scheme Resources page.
If you have any questions regarding the Supervision Guidelines, please contact the APIV office at [email protected] .
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