Informed sources revealed that the validity of the rules of conduct and ethics of the evaluation profession begins after 30 days, after the approval of the Board of Directors of the Saudi Authority for Accredited Valuers of the rules of conduct and ethics of the evaluation profession.
The rules aim to achieve the development and upgrading of the evaluation profession, raise the level of its employees, control the responsibility of the accredited valuer in the exercise of his profession, clarify his responsibilities towards the participant with him in preparing the evaluation report, and towards his clients, colleagues, workers with him, official authorities, and the community, and to enhance the legal protection of the valuer. The accredited and its clients and other relevant parties, in addition to enhancing the principles of transparency and responsibility in the professional practices of the accredited valuer, and raising the efficiency of the performance of the evaluation system; Increasing the level of professionalism in it.
The rules of conduct and ethics of the evaluation profession included 34 legal articles. It included the general provisions and rules of the accredited valuers system and the rules of conduct and ethics of the evaluation profession.
The rules indicated that an accredited evaluator may not practice the profession if a final decision of suspension was issued against him, and the rules required the accredited evaluator to prepare an integrated work file for each final evaluation report issued by him.
The assessor and the client
According to the rules, the accredited valuer – before agreeing to do the work – makes sure of his ability and willingness to perform the work at the specified time, and the ability of his establishment and its employees to carry out the evaluation work as required. In accordance with the provisions and rules regulating the evaluation profession, especially with regard to inspection work. no conflict of interest with the client related to the requested work, or the asset being evaluated; As determined by the provisions and rules governing the evaluation profession.
The rules indicated that the accredited valuer must perform the evaluation work through a written contract specifying the obligations, duties and rights of its parties, provided that it includes – at a minimum – the requirements contained in the approved contract form in this regard.
The rules stressed that the accredited valuer may not perform any actions that are not required for the implementation of the contract, to increase costs for the client, provide a value, or promise to specify a value for the subject matter of the asset, before preparing his report. In accordance with the provisions and rules regulating the valuation profession, linking the determination of valuation fees to the value of the asset subject to valuation, or collecting or accepting his fees from someone other than his client, except with the prior written consent of the client.
The rules required the accredited valuer to maintain the confidentiality of all information related to the evaluation process and the client’s information and documents, and not to disclose or disclose them in any way even after the end of the contract.
Dealing with the media
With regard to the valuer’s dealings with the media, the rules oblige the accredited valuer, in the event of his participation in the media and advertising, including the means of electronic publication, to the provisions and rules regulating the evaluation profession, to maintain the privacy of his clients or others, and the confidentiality of their information and data, and not to use the official logo of the Authority in the advertisement. And propaganda for himself or his establishment, and avoid practicing any form of misleading, forgery or deception, and what is not appropriate to the honor of the profession. The rules revealed that when the valuer declares himself directly or indirectly, he must take into account that the declaration is not misleading, false or deceptive, such as misleading in reference to the qualification and expertise of the accredited valuer. The advertisement should not violate the rules or principles of the profession and its honor, or give insulting references to the work of other evaluators. It should not violate the privacy of its clients or others, and the confidentiality of their information and data.
According to the rules, the appraisal facility must take a residence appropriate to the profession, and display in a prominent place the license granted to it. The accredited valuer and the evaluation facility must abide by the rules, take measures, policies, and the like to ensure compliance with them, and inform all employees about them – including those participating in the evaluation process and those working in the facility – and verify and monitor their compliance with them. The valuer is committed to fulfilling the rights of his clients and workers in his establishment, and is a good example for them, and provides them with advice and guidance, and transfers knowledge and experience to them, and develops their capabilities and helps them improve their performance, and in dealing with them, he is committed to the provisions and rules regulating the evaluation profession, and related regulations. The rules stressed that without prejudice to what is stipulated in Article 17 of the system, accounting standards and related systems, the evaluation firm must keep all its records, documents, documents and data for all its financial transactions, for a period of not less than ten years from the date of the end of the process or closing the account.