What is the Valuation documentation and what is the objective of this?

Valuation Documentation Valuation exercise is based on observation, inspection, analysis and calculation. During this process, the valuer goes through various documents, records his observation, makes relevant calculation and records these calculations and analyse results. In this process a lot of documents are generated which forms the basis of his conclusion on the valuation of the subject matter. It is very necessary for him to preserve all such records so that these documents may help him to substantiate his conclusion on valuation. Moreover, these documents also become a matter of reference in future. Objectives of documentation in valuation exercise Documentation is "an essential element" of valuation quality. Valuation documentation provides the principal written record to support the following: The Valuer's report assertion that the valuation exercise was performed with due diligence and in accordance of generally accepted valuation principles; and The Valuers' conclusions about valuation of the subject matter of the valuation exercise and other related aspects of valuation. The following are some more specific objectives of documentation in Valuation exercise: Assisting Valuer to plan and perform the Valuation Exercise; Assisting those responsible to direct, supervise, and review the work performed; Providing and demonstrating the accountability of those performing the work (i.e., compliance with applicable standards); Assisting quality-control reviewers to understand and assess how the engagement team reached and supported significant conclusions; Enabling internal and external inspection teams and peer reviewers to assess compliance with professional, legal, and regulatory standards and requirements; and Assisting successor Valuer.