“Al Jazeera” – Economy:
The Saudi Authority for Accredited Valuers “Taqeem” requires them to comply with statutory and professional requirements when valuing real estate and investment properties for the purposes of financial statements using the fair value or revaluation model and the need to submit reports Stressed on. (Electronic Value) in the account of the establishment within the platform, for the Authority to review, investigate and conduct these reports. Inspection work on this.
In a circular addressed to real estate valuation facilities, it mentioned coordination between them and the Capital Markets Authority in this regard. monitoring reports that were not submitted on the “Value” Platform, or that did not comply with the legal and business requirements required in preparing them in accordance with the regulations, regulations, standards and practice guides approved by the Authority; By adopting regular procedures for accountability and imposing penalties and sanctions against violators.
The authority referred to in paragraph (2) of the system of recognized appraisers, the object of which is to set the necessary controls and standards for valuation work, to develop the valuation profession and to raise the standard of its staff, besides which includes tha in Article (xxiii/5), that the Authority seeks to achieve the objectives set out in this system, and in particular to establish appropriate procedures for field control; To ensure that the accredited valuer applies the valuation criteria and adheres to the provisions of the system and its implementation rules.