The program will briefly review the development history of review reports and review report standards (USPAP Rules 3 and 4, NACVA Standards). We will contrast rebuttal reports with review reports and their appropriate utilization. We will discuss the utilization of review reports when representing the plaintiff versus representing the defendant as well as the content of the review report. Although there is no standard format for a review report, we will discuss the content in relationship to the report(s) of the opposing expert. Your review report will improve the possibility of settlement. If the case does not settle, the review report may be the foundation for counsel’s cross-examination of the opposing expert and, consequently, increase your value to the litigator and clients.

• Review report versus opinion of value;
  
• Credibility defined (USPAP Rule 3, NACVA);
  
• Elements of credibility:
  
  • Relevance;
    
  • Reliability;
    
  • General acceptance of chosen methodology;
    
  • Transparency;
    
  • Adequate disclosure;
    
  • Nonadvocacy;
    
  • Completeness; and
    
  • Foundation for assumptions.
    
• Frequent review report environments: 
  
  • Litigation—shareholder disputes;
    
  • Litigation—diminished value;
    
  • Bankruptcy;
    
  • Divorce;
    
  • M&A; and
    
  • Tax court, E&G. 
    
• Engagement/representation letter, document requests, etc.;
  
• Review report structure;
  
• Review report versus critique (letter format, outline format, etc.); and
  
• Terminology that may be equivalent to an opinion.
  

1. Participants will learn to recognize flaws in business valuation reports;
   
2. Participants will discover valuation report issues in different environments;
   
3. Participants will learn engagement or representation letter structures and appropriate document request inquiries; and
   
4. Participants will learn the character, nature, and application of alternative “reports” to review reports.