The inspection of an valuation represents the process of elaboration of an opinion on the mode of its drafting, as well as the communication of this opinion, process that materialises by a written report.

In Romanian valuation practice, the inspection reports represent a product occurred at the end of 1999, which is used up to present on a larger and larger scale. In the countries with expertise in the field and lately also in Romania, the main institutions that request inspections of the valuation reports are those receiving a high volume of valuation reports, namely:

• – Tax administrations
• – Authorities with expropriation duties
• – Mortgage insurance companies
• – State authorities
• – Credit institutions and banks
• – Insurance companies
• – Pension funds

Within the process of inspection of valuation reports, the valuation reports of other valuers are examined, to establish if they reached to conclusions in agreement with the valuation standards, the reported data and other generally known information.

The valuation inspections can be carried out only by authorised valuers natural persons who have the specialisation Valuation inspection (VE), evidenced by the inspector seal (in the specialisation corresponding to the valuation report submitted to inspection) according to the legislation applicable in Romania.

The valuation inspection activity, in Romania, is based on the provisions of the valuation standard SEV 400 Valuation inspection. According to it, an valuation inspection “is an inspection of the activity of an valuer, carried out by another valuer, with impartial professional reasoning”.

The observance of the standard is mandatory for each valuer signing an inspection of an valuation.

The valuation report inspections can be with simple or extended objective.

The conclusion of the simple objective inspection is materialised in assessments and classifications of the inspected report, on the existence or not within its framework of some non-compliances that could have influenced the valuation result. In case of extended objective, the expression of inspector’s conclusion is requested on the value of the appraised asset submitted to inspection.

The inspector must submit in full the arguments and reasoning of its conclusions.

The reasons for which inspection reports are drawn up are various and amongst them are the following:

• – Performance of a preciseness test for the user
• – Consolidation of client’s trust in the valuation
• – Mutual work inspection within a group of valuers, before the report presentation to the client
• – Inspection of valuation reports presented by the potential candidates, whose profession is that of valuers, at the contests for the occupation of specialty positions or at various examinations (accreditation, certification).