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Support Separation of Audit and Appraisal Services

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Stephen J. Vertin MAI

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Illinois
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Support Separation of Audit and Appraisal Services

The Appraisal Institute requests that you contact your members of Congress and urge them to support the Senate-Passed version of the Public Accounting Reform and Investor Protection Act (H.R. 3763) concerning services outside the scope of practice of auditors (Title II, Section 201). This provision would bar accounting firms from providing specialized consulting services, including appraisal or valuation services, to the public companies they audit.

Click here to tell your members of congress what you think!

http://capwiz.com/appraisal/issues/alert/?...=334281&type=CO

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If you have trouble reading this message, click here.

http://capwiz.com/appraisal/home/

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Bill Garber
Director, Government Affairs
Appraisal Institute
2600 Virginia Ave., NW, Suite 123
Washington, D.C. 20037
T 202-298-5586
F 202-298-5547
www.appraisalinstitute.org
 

Francois K. Gregoire

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Excellent advice.

Thanks for the Head's Up and the link. We'll take some steps to see if another big organization can sign on with the Appraisal Institute.
 

Neil (Texas)

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Texas
Stephen,

Thanks for the heads up. Excellent suggestion.

Every appraiser here should hit that link and spend a minute personalizing a message to their Senators and Representative.

Neil Schaeffer, IFAS
Terrell, TX
 

BenLuby

Senior Member
Joined
May 28, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Steve,
I know I am only a rookie, but I sent one as well to the three politicos. You should also see if the institute can't get some of the people up there to install a law that it is illegal to run an appraisal shop out of a real estate office. I would think that would be a major opportunity for a conflict of interest. Just my opinion.
Ben Hoover
 

Francois K. Gregoire

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Steve,

Since your post and call to action, I've done a little bit of checking on the status and tried to garner some support from NAR.

First - The Legislative and Regulatory Staff Person for the NAR Appraisal Committee has been in contact with Bill Garber to let him know of NAR's support of the bill.

Second - The Conference Committee (House and Senate) agreed yesterday to include the Senate language (restricting accounting firms from providing appraisal services) in the final conference report. The bill now goes to the House floor for a vote hopefully this week.

Third - House Rules state conference report cannot be amended once it goes to the floor. The only way the provision will not be enacted is if the entire conference report is defeated. I'm told this is highly unlikely.

Hopefully, this is a score for the good guys.

Use this LINK to check on the status of the bill.
 

Stephen J. Vertin MAI

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Illinois
Frank:

That is great news. Thank you.

Steve Vertin
 

Francois K. Gregoire

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
7/25/2002 10:23am:
Mr. Oxley brought up conference report H. Rept. 107-610 by previously agreed to special order.
7/25/2002:
Conference papers: official papers held at the desk in Senate.
7/25/2002 11:44am:
The previous question was ordered without objection.
7/25/2002 12:06pm:
On agreeing to the conference report Agreed to by the Yeas and Nays: 423 - 3 (Roll no. 348).
7/25/2002 12:06pm:
Motions to reconsider laid on the table Agreed to without objection.
7/25/2002:
Conference report considered in Senate by Unanimous Consent.
7/25/2002:
Senate agreed to conference report by Yea-Nay Vote. 99 - 0. Record Vote Number: 192.
7/25/2002:
Message on Senate action sent to the House.

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The long and short of the stuff above - the measure passed both Houses by large margins.
 

Leon Stewart

Member
Joined
Jan 15, 2002
Steve,
I know I am only a rookie, but I sent one as well to the three politicos. You should also see if the institute can't get some of the people up there to install a law that it is illegal to run an appraisal shop out of a real estate office. I would think that would be a major opportunity for a conflict of interest. Just my opinion.
Ben Hoover


Ben:

Another consideration for new Legislation would be to separate Lending Institutions from their control of the Appraiser and the appraisal process.

Leon
 

BenLuby

Senior Member
Joined
May 28, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Leon,
I like that. It would really a big difference in the way things go. Hopefully, common sense is at least making a few contacts on the hill.
 
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