The Uniform Standards of Professional Appraisal Practice (USPAP) establishes the qualifications and criteria for individuals performing valuations. It outlines the required knowledge, skills, and ethical obligations for competency. For example, USPAP mandates specific reporting requirements, ensuring analyses are transparent and credible.
These standards are crucial for maintaining public trust and confidence in the valuation profession. Adherence to USPAP promotes consistency and objectivity, contributing to reliable appraisal reports that serve as a foundation for sound financial decisions. The evolution of USPAP reflects the increasing complexity of valuation theory and practice, and its ongoing development ensures its relevance in a dynamic market.
